Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 10, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | JMP GROUP LLC | |
Entity Central Index Key | 0001302350 | |
Trading Symbol | jmp | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 19,665,947 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Shares representing limited liability company interests in JMP Group LLC |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | [1] |
Assets | |||
Cash and cash equivalents | $ 56,678 | $ 49,630 | |
Restricted cash | 1,287 | 1,287 | |
Investment banking fees receivable | 13,146 | 9,066 | |
Marketable securities owned at fair value (includes $5,975 and $0 pledged as collateral at September 30, 2020 and December 31, 2019, respectively) | 55,497 | 73,101 | |
Other investments (includes $14,374 and $14,206 at fair value at September 30, 2020 and December 31, 2019, respectively) | 24,022 | 35,309 | |
Loans held for investment, net of allowance for loan losses | 1,109 | 1,210 | |
Interest receivable | 348 | 502 | |
Fixed assets, net | 3,381 | 4,267 | |
Operating lease right-of-use asset | 17,112 | 19,632 | |
Other assets | 40,077 | 36,253 | |
Total assets | 212,657 | 230,257 | |
Liabilities: | |||
Marketable securities sold, but not yet purchased, at fair value | 3,855 | ||
Accrued compensation | 25,550 | 30,253 | |
Interest payable | 707 | 520 | |
Note payable | 10,610 | 6,812 | |
Bond payable, net of debt issuance costs of $3,049 and $3,416 at September 30, 2020 and December 31, 2019, respectively | 80,816 | 82,584 | |
Operating lease liability | 22,239 | 25,394 | |
Other liabilities | 19,485 | 19,478 | |
Total liabilities | 159,407 | 168,896 | |
Commitments and Contingencies (Note 14) | |||
JMP Group LLC Shareholders' Equity | |||
Common shares, $0.001 par value, 100,000,000 shares authorized at September 30, 2020 and December 31, 2019; 22,797,092 shares issued at September 30, 2020 and December 31, 2019; 19,635,544 and 19,509,349 shares outstanding at September 30, 2020 and December 31, 2019, respectively | 23 | 23 | |
Additional paid-in capital | 134,736 | 133,894 | |
Treasury shares at cost, 3,161,548 and 3,287,743 shares at September 30, 2020 and December 31, 2019, respectively | (14,269) | (14,872) | |
Accumulated other comprehensive loss | (328) | (4,769) | |
Accumulated deficit | (66,294) | (52,588) | |
Total JMP Group LLC shareholders' equity | 53,868 | 61,688 | |
Non-controlling interest | (618) | (327) | |
Total equity | 53,250 | 61,361 | |
Total liabilities and equity | $ 212,657 | $ 230,257 | |
[1] | The statement of financial condition as of December 31, 2019 is derived from the audited financial statements as of that date. |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | [1] |
Marketable securities, fair value | $ 5,975 | $ 0 | |
Investments fair value | 14,374 | 14,206 | |
Bond Payable, issuance costs | $ 3,049 | $ 3,416 | |
Common shares, par value (in dollars per share) (in dollars per share) | $ 0.001 | $ 0.001 | |
Common shares, shares authorized (in shares) | 100,000,000 | 100,000,000 | |
Common shares, shares issued (in shares) | 22,797,092 | 22,797,092 | |
Common shares, shares outstanding (in shares) | 19,635,544 | 19,509,349 | |
Treasury shares, shares (in shares) | 3,161,548 | 3,287,743 | |
[1] | The statement of financial condition as of December 31, 2019 is derived from the audited financial statements as of that date. |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues | ||||
Revenue from Contract with Customer | $ 27,961 | $ 20,824 | $ 77,441 | $ 63,688 |
Principal transactions | (2,737) | (340) | (20,337) | 6,371 |
Loss on sale, payoff and mark-to-market of loans | (38) | |||
Net dividend income | 4 | 279 | 241 | 868 |
Other income | 841 | 759 | 2,688 | 1,517 |
Non-interest revenues | 26,069 | 21,522 | 60,033 | 72,406 |
Interest income | 2,287 | 2,328 | 6,391 | 19,391 |
Interest expense | (1,732) | (1,930) | (5,237) | (14,642) |
Net interest income | 555 | 398 | 1,154 | 4,749 |
Gain (loss) on repurchase, reissuance or early retirement of debt | (458) | 697 | (458) | |
Provision for loan losses | (438) | (438) | ||
Total net revenues | 26,624 | 21,024 | 61,884 | 76,259 |
Non-interest expenses | ||||
Compensation and benefits | 23,502 | 17,506 | 62,101 | 54,673 |
Administration | 1,408 | 2,301 | 4,697 | 6,978 |
Brokerage, clearing and exchange fees | 620 | 617 | 1,901 | 2,051 |
Travel and business development | 65 | 1,263 | 1,041 | 3,631 |
Managed deal expenses | 990 | 685 | 2,528 | 2,552 |
Communications and technology | 1,072 | 1,061 | 3,286 | 3,241 |
Occupancy | 1,194 | 1,196 | 3,587 | 4,028 |
Professional fees | 776 | 1,236 | 2,397 | 3,513 |
Depreciation | 278 | 307 | 1,223 | 915 |
Other | (8) | 200 | 201 | 700 |
Total non-interest expenses | 29,897 | 26,372 | 82,962 | 82,282 |
Net income (loss) before income taxes | (3,273) | (5,348) | (21,078) | (6,023) |
Income tax benefit | (128) | (1,220) | (7,191) | (5,839) |
Net income (loss) | (3,145) | (4,128) | (13,887) | (184) |
Less: Net income (loss) attributable to non-controlling interest | (63) | (67) | (181) | (80) |
Net income (loss) attributable to JMP Group LLC | $ (3,082) | $ (4,061) | $ (13,706) | $ (104) |
Net income (loss) attributable to JMP Group LLC per common share: | ||||
Basic (in dollars per share) | $ (0.16) | $ (0.21) | $ (0.70) | $ (0.01) |
Diluted (in dollars per share) | $ (0.16) | $ (0.21) | $ (0.70) | $ (0.01) |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 19,628 | 19,324 | 19,581 | 20,454 |
Diluted (in shares) | 19,628 | 19,324 | 19,581 | 20,454 |
Total Investment Banking Revenues [Member] | ||||
Revenues | ||||
Revenue from Contract with Customer | $ 20,874 | $ 15,228 | $ 57,094 | $ 44,843 |
Total Brokerage Revenue [Member] | ||||
Revenues | ||||
Revenue from Contract with Customer | 4,176 | 3,968 | 14,008 | 13,160 |
Total Asset Management Fees [Member] | ||||
Revenues | ||||
Revenue from Contract with Customer | $ 2,911 | $ 1,628 | $ 6,339 | $ 5,685 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net income (loss) | $ (3,145) | $ (4,128) | $ (13,887) | $ (184) |
Other comprehensive income (loss): | ||||
Net unrealized gains (losses) on available-for-sale securities during the period, net of income tax provision (benefit) of ($675), $209, ($3,010) and ($695) | (1,844) | 709 | (8,197) | (1,860) |
Less: reclassification adjustments for net (gains) losses on available-for-sale securities, net of income tax provision (benefit) of $738, $0, $4,643 and $0 | 2,009 | 12,638 | ||
Net other comprehensive income (loss), net of income tax provision (benefit) of $63, $209, $1,633 and ($695) | 165 | 709 | 4,441 | (1,860) |
Comprehensive income (loss) | (2,980) | (3,419) | (9,446) | (2,044) |
Less: comprehensive income (loss) attributable to non-controlling interest | (63) | (67) | (181) | (80) |
Comprehensive income (loss) attributable to JMP Group LLC | $ (2,917) | $ (3,352) | $ (9,265) | $ (1,964) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net unrealized gains (losses) on available-for-sale securities, tax | $ (675) | $ 209 | $ (3,010) | $ (695) |
Reclassification adjustments for net (gains) losses on available-for-sale securities, tax | 738 | 0 | 4,643 | 0 |
Net other comprehensive income (loss), tax | $ 63 | $ 209 | $ 1,633 | $ (695) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total | |
Balance (in shares) at Dec. 31, 2018 | 22,780 | |||||||
Balance at Dec. 31, 2018 | $ 23 | $ (7,932) | $ 134,129 | $ (42,513) | $ 13,499 | $ 97,206 | ||
Net income (loss) | 5,069 | 70 | 5,139 | |||||
Additional paid-in capital - share-based compensation | 144 | 144 | ||||||
Purchases of shares of common shares for treasury | (753) | (753) | ||||||
Reissuance of shares of common shares from treasury | 357 | (39) | 318 | |||||
Other comprehensive income (loss) | (782) | (782) | ||||||
Distribution to non-controlling interest holders | (913) | (913) | ||||||
Distribution to non-controlling interest holders | 913 | 913 | ||||||
Distributions and distribution equivalents declared on common shares and restricted share units | (1,070) | (1,070) | ||||||
Derecognition of non-controlling interest due to deconsolidation | (12,842) | (12,842) | ||||||
Purchases of shares of common shares for treasury | 753 | 753 | ||||||
Reissuance of shares of common shares from treasury | (357) | 39 | (318) | |||||
Balance (in shares) at Mar. 31, 2019 | 22,780 | |||||||
Balance at Mar. 31, 2019 | $ 23 | (8,328) | 134,234 | (38,514) | (782) | (186) | 86,447 | |
Balance (in shares) at Dec. 31, 2018 | 22,780 | |||||||
Balance at Dec. 31, 2018 | $ 23 | (7,932) | 134,129 | (42,513) | 13,499 | 97,206 | ||
Net income (loss) | (184) | |||||||
Other comprehensive income (loss) | (1,860) | |||||||
Derecognition of non-controlling interest due to deconsolidation | (12,842) | |||||||
Balance (in shares) at Sep. 30, 2019 | 22,797 | |||||||
Balance at Sep. 30, 2019 | $ 23 | (15,869) | 134,858 | (45,303) | (1,860) | (336) | 71,513 | |
Balance (in shares) at Mar. 31, 2019 | 22,780 | |||||||
Balance at Mar. 31, 2019 | $ 23 | (8,328) | 134,234 | (38,514) | (782) | (186) | 86,447 | |
Net income (loss) | (1,112) | (83) | (1,195) | |||||
Additional paid-in capital - share-based compensation | 177 | 177 | ||||||
Purchases of shares of common shares for treasury | (8,044) | (8,044) | ||||||
Reissuance of shares of common shares from treasury | 496 | (79) | 417 | |||||
Other comprehensive income (loss) | (1,787) | (1,787) | ||||||
Distributions and distribution equivalents declared on common shares and restricted share units | (843) | (843) | ||||||
Purchases of shares of common shares for treasury | 8,044 | 8,044 | ||||||
Reissuance of shares of common shares from treasury | (496) | 79 | (417) | |||||
Balance (in shares) at Jun. 30, 2019 | 22,780 | |||||||
Balance at Jun. 30, 2019 | $ 23 | (15,876) | 134,332 | (40,469) | (2,569) | (269) | 75,172 | |
Net income (loss) | (4,061) | (67) | (4,128) | |||||
Additional paid-in capital - share-based compensation | 444 | 444 | ||||||
Purchases of shares of common shares for treasury | (34) | (34) | ||||||
Reissuance of shares of common shares from treasury | 27 | 11 | 38 | |||||
Other comprehensive income (loss) | 709 | 709 | ||||||
Common Shares Issued (in shares) | 17 | |||||||
Common Shares Issued | 93 | 93 | ||||||
Distributions and distribution equivalents declared on common shares and restricted share units | (773) | (773) | ||||||
Purchases of shares of common shares for treasury | 34 | 34 | ||||||
Reissuance of shares of common shares from treasury | (27) | (11) | (38) | |||||
Balance (in shares) at Sep. 30, 2019 | 22,797 | |||||||
Balance at Sep. 30, 2019 | $ 23 | (15,869) | 134,858 | (45,303) | (1,860) | (336) | 71,513 | |
Balance (in shares) at Dec. 31, 2019 | 22,797 | |||||||
Balance at Dec. 31, 2019 | $ 23 | (14,872) | 133,894 | (52,588) | (4,769) | (327) | 61,361 | [1] |
Net income (loss) | (11,748) | (91) | (11,839) | |||||
Additional paid-in capital - share-based compensation | 266 | 266 | ||||||
Purchases of shares of common shares for treasury | (26) | (26) | ||||||
Reissuance of shares of common shares from treasury | 200 | (32) | 168 | |||||
Other comprehensive income (loss) | 1,281 | 1,281 | ||||||
Purchases of shares of common shares for treasury | 26 | 26 | ||||||
Reissuance of shares of common shares from treasury | (200) | 32 | (168) | |||||
Balance (in shares) at Mar. 31, 2020 | 22,797 | |||||||
Balance at Mar. 31, 2020 | $ 23 | (14,698) | 134,128 | (64,336) | (3,488) | (417) | 51,212 | |
Balance (in shares) at Dec. 31, 2019 | 22,797 | |||||||
Balance at Dec. 31, 2019 | $ 23 | (14,872) | 133,894 | (52,588) | (4,769) | (327) | 61,361 | [1] |
Net income (loss) | (13,887) | |||||||
Other comprehensive income (loss) | 4,441 | |||||||
Derecognition of non-controlling interest due to deconsolidation | ||||||||
Balance (in shares) at Sep. 30, 2020 | 22,797 | |||||||
Balance at Sep. 30, 2020 | $ 23 | (14,269) | 134,736 | (66,294) | (328) | (618) | 53,250 | |
Balance (in shares) at Mar. 31, 2020 | 22,797 | |||||||
Balance at Mar. 31, 2020 | $ 23 | (14,698) | 134,128 | (64,336) | (3,488) | (417) | 51,212 | |
Net income (loss) | 1,124 | (26) | 1,098 | |||||
Additional paid-in capital - share-based compensation | 209 | 209 | ||||||
Reissuance of shares of common shares from treasury | 231 | 231 | ||||||
Other comprehensive income (loss) | 2,995 | 2,995 | ||||||
Distribution to non-controlling interest holders | (112) | (112) | ||||||
Distribution to non-controlling interest holders | 112 | 112 | ||||||
Reissuance of shares of common shares from treasury | (231) | (231) | ||||||
Balance (in shares) at Jun. 30, 2020 | 22,797 | |||||||
Balance at Jun. 30, 2020 | $ 23 | (14,467) | 134,337 | (63,212) | (493) | (555) | 55,633 | |
Net income (loss) | (3,082) | (63) | (3,145) | |||||
Additional paid-in capital - share-based compensation | 399 | 399 | ||||||
Purchases of shares of common shares for treasury | (198) | (198) | ||||||
Other comprehensive income (loss) | 165 | 165 | ||||||
Distribution to non-controlling interest holders | ||||||||
Common Shares Issued (in shares) | ||||||||
Common Shares Issued | ||||||||
Distribution to non-controlling interest holders | ||||||||
Purchases of shares of common shares for treasury | 198 | 198 | ||||||
Balance (in shares) at Sep. 30, 2020 | 22,797 | |||||||
Balance at Sep. 30, 2020 | $ 23 | $ (14,269) | $ 134,736 | $ (66,294) | $ (328) | $ (618) | $ 53,250 | |
[1] | The statement of financial condition as of December 31, 2019 is derived from the audited financial statements as of that date. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (13,887) | $ (184) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
(Gain) loss on repurchase, reissuance or early retirement of debt | (697) | 458 |
Provision for loan losses | 438 | |
Loss on sale and payoff of loans and mark-to-market of loans | 38 | |
Change in other investments: | ||
(Income) loss from investments in equity method investees | (888) | (1,305) |
Gain on other investments | (1,226) | (1,254) |
Depreciation and amortization | 858 | 1,316 |
Share-based compensation expense | 1,401 | 1,590 |
Gain on deconsolidation | (3,520) | |
Distributions of investment income from equity method investments | 1,044 | 492 |
Other, net | (194) | 293 |
Net change in operating assets and liabilities: | ||
Decrease (increase) in interest receivable | 154 | (4,899) |
Decrease (increase) in receivables | (3,879) | (950) |
Decrease (increase) in marketable securities | 23,684 | 9,643 |
Decrease (increase) in other assets | (5,870) | (10,181) |
Increase (Decrease) in marketable securities sold, but not yet purchased | (3,855) | (1,789) |
Increase (decrease) in interest payable | 187 | (4,034) |
Increase (decrease) in accrued compensation | (4,703) | (23,475) |
Increase (decrease) in other liabilities | 520 | 6,895 |
Net cash provided by (used in) operating activities | (7,351) | (30,428) |
Cash flows from investing activities: | ||
Purchases of fixed assets | (340) | (1,341) |
Purchases of other investments | (1,814) | (12,538) |
Sales or distributions from other investments | 14,170 | 10,655 |
Funding of loans collateralizing asset-backed securities issued | (35,153) | |
Funding of loans held for investment | (25,679) | |
Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued | 23,806 | |
Sale, payoff and principal receipts on loans held for investment | 121 | 7,211 |
Net decrease in cash and restricted cash due to deconsolidation of subsidiaries | (27,771) | |
Net cash provided by (used in) investing activities | 12,137 | (60,810) |
Cash flows from financing activities: | ||
Proceeds from drawdowns on line of credit and other borrowings | 3,798 | 16,583 |
Proceeds from drawdowns on CLO warehouse facilities | 7,750 | |
Proceeds from bond issuance | 36,000 | |
Payment of debt issuance costs | (1,887) | |
Repayment of line of credit | (1,600) | |
Repayment of asset-backed securities issued | (801) | |
Repayment on bonds payable | (1,361) | (35,977) |
Repurchase of bonds payable | ||
Distributions and distribution equivalents paid on common shares and RSUs | (2,686) | |
Purchase of common shares for treasury | (8,614) | |
Distributions to non-controlling interest shareholders | (112) | (913) |
Employee taxes paid on shares withheld for tax-withholding purposes | (63) | (184) |
Net cash provided by provided by (used in) financing activities | 2,262 | 7,671 |
Net (decrease) increase in cash, cash equivalents, and restricted cash | 7,048 | (83,567) |
Cash, cash equivalents and restricted cash, beginning of period | 50,917 | 132,808 |
Cash, cash equivalents and restricted cash at end of period | 57,965 | 49,241 |
Less: Restricted cash , end of period | 1,287 | 1,221 |
Cash and cash equivalents, end of period | 56,678 | 48,020 |
Supplemental disclosures of cash flow information: | ||
Cash paid (received) during the period for interest | 5,238 | 18,676 |
Cash paid (received) during the period for taxes, net of refunds | (263) | 2,060 |
Non-cash investing and financing activities: | ||
Reissuance of common shares from treasury related to vesting of restricted share units | 666 | 954 |
Acquisition of equity securities in restructuring of loans | 259 | |
Initial recognition of operating lease right-of-use assets | 23,604 | |
Initial recognition of operating lease right-of-use liabilities | 29,278 | |
Carrying value of non-cash assets derecognized on deconsolidation of subsidiaries | 1,226,848 | |
Carrying value of non-cash liabilities derecognized on deconsolidation of subsidiaries | 1,161,933 | |
Carrying value of non-controlling interest derecognized on deconsolidation of subsidiaries | 12,842 | |
Fair value of marketable securities recognized on deconsolidation of subsidiaries | 76,879 | |
Fair value of other investments recognized on deconsolidation of subsidiaries | $ 7,516 |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. JMP Group LLC, together with its subsidiaries (collectively, the “Company”), is a diversified financial services firm headquartered in San Francisco, California. The Company conducts its investment banking and institutional brokerage business through JMP Securities LLC (“JMP Securities”) and its asset management business through Harvest Capital Strategies LLC (“HCS”), HCAP Advisors LLC (“HCAP Advisors”), JMP Asset Management LLC (“JMPAM”) and JMP Credit Advisors LLC (“JMPCA”) (through March 19, 2019). 1934, not not 1940, two one March 19, 2019, January 2015 November 2017 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation These consolidated financial statements and related notes are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Quarterly Report on Form 10 10 X. 10 December 31, 2019 filed with the SEC on March 30, 2020 ( 10 no The results of operations for any interim period are not The consolidated accounts of the Company include the wholly-owned subsidiaries and the partially-owned subsidiaries of which the Company is the majority owner or the primary beneficiary. All material intercompany accounts and transactions have been eliminated in consolidation. Non-controlling interests on the Consolidated Statements of Financial Condition at September 30, 2020 December 31, 2019 third See Note 2 Annual Report for the Company s significant accounting policies. For the nine September 30, 2020 no 3, Recent Accounting Pronouncements Deconsolidation During the first three 2019, 47% 100% |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 3. Recent Accounting Pronouncemen ts Accounting Standards to be adopted in Future Periods In June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 206 13 first one 2016 13, December 15, 2022, not In December 2019, 2019 12, Income Taxes (Topic 740 December 15, 2020, Recently Adopted Accounting Guidance In August 2018, 2018 13, Fair Value Measurement (Topic 820 ): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement 2018 13 2018 13 January 1, 2020. not |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4 . Fair Value Measurement s The following tables provide fair value information related to the Company 's financial instruments at September 30, 2020 December 31, 2019 : September 30, 2020 (In thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 56,678 $ 56,678 $ - $ - $ 56,678 Restricted cash 1,287 1,287 - - 1,287 Marketable securities owned 55,497 4,845 - 50,652 55,497 Equity Investments 3,777 - - 3,777 3,777 Investments in private equity, real estate and credit funds, measured at net asset value (1) 10,597 - - - - Loans held for sale 2,412 - - 2,412 2,412 Loans held for investment, net of allowance for loan losses 1,109 - - 1,109 1,109 Total assets: $ 131,357 $ 62,810 $ - $ 57,950 $ 120,760 Liabilities: Notes payable $ 10,610 - $ 5,983 $ 4,627 $ 10,610 Bond payable 80,816 - 75,070 - 75,070 Total liabilities: $ 91,426 $ - $ 81,053 $ 4,627 $ 85,680 December 31, 2019 (In thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 49,630 $ 49,630 $ - $ - $ 49,630 Restricted cash 1,287 1,287 - - 1,287 Marketable securities owned 73,101 15,245 - 57,856 73,101 Equity Investments 3,956 - - 3,956 3,956.00 Investments in private equity, real estate and credit funds, measured at net asset value (1) 10,250 - - - - Loans held for sale 2,412 - - 2,476 2,476 Loans held for investment, net of allowance for loan losses 1,210 - - 1,087 1,087 Total assets: $ 141,846 $ 66,162 $ - $ 65,375 $ 131,537 Liabilities: Marketable securities sold, but not yet purchased $ 3,855 $ 3,855 $ - $ - $ 3,855 Notes payable 6,812 - 5,983 829 6,812 Bond payable 82,584 - 84,821 - 84,821 Total liabilities: $ 93,251 $ 3,855 $ 90,804 $ 829 $ 95,488 ( 1 In accordance with ASC 820 10, not The Company determined the fair value of the notes payable identified as a Level 2 3 The fair value of loans held for investment identified as Level 3 Recurring Fair Value Measurement The following tables provide information related to the Company 's assets and liabilities carried at fair value on a recurring basis at September 30, 2020 December 31, 2019 : (In thousands) September 30, 2020 Carrying Value Level 1 Level 2 Level 3 Total Marketable securities owned $ 55,497 $ 4,845 $ - $ 50,652 $ 55,497 Other investments: Equity investments 3,777 - - 3,777 3,777 Investments in private equity, real estate and credit funds (1) 10,597 - - - - Total other investments 14,374 - - 3,777 3,777 Total assets: $ 69,871 $ 4,845 $ - $ 54,429 $ 59,274 (In thousands) December 31, 2019 Carrying Value Level 1 Level 2 Level 3 Total Marketable securities owned $ 73,101 $ 15,245 $ - $ 57,856 $ 73,101 Other investments: Equity investments 3,956 - - 3,956 3,956 Investments in private equity, real estate and credit funds (1) 10,250 - - - - Total other investments 14,206 - - 3,956 3,956 Total assets: $ 87,307 $ 15,245 $ - $ 61,812 $ 77,057 Marketable securities sold, but not yet purchased 3,855 3,855 - - 3,855 Total liabilities: $ 3,855 $ 3,855 $ - $ - $ 3,855 ( 1 In accordance with ASC 820 10, not As of September 30, 2020 December 31, 2019 not September 30, 2020 December 31, 2019 The fair value of the investments in private equity, real estate and credit funds was measured using the net asset value as a practical expedient. These investments are nonredeemable and had unfunded commitments of $3.5 $3.8 September 30, 2020 December 31, 2019 Transfers between levels of the fair value hierarchy result from changes in the observability of fair value inputs used in determining fair values for different types of financial assets and are recognized at the beginning of the reporting period in which the event or change in circumstances that caused the transfer occurs. The Company's policy is to recognize the fair value of transfers among Levels 1, 2 3 no 1, 2 3 nine September 30, 2020 December 31, 2019 The investments in private equity funds managed by HCS and JMPAM are recognized using the fair value option. The Company uses the reported net asset value per share as a practical expedient to estimate the fair value of the funds. The risks associated with these investments are limited to the amounts of invested capital, remaining capital commitment and any management and incentive fees receivable. The Company's Level 3 not For the nine September 30, 2020 3 (In thousands) CLO Junior Subordinated Notes Equity Investment Total Balance as of December 31, 2019 $ 57,856 $ 3,956 $ 61,812 Accrued interest 2,176 - 2,176 Investment distributions (2,040 ) - (2,040 ) Unrealized gains on investments, recognized in OCI 1,751 - 1,751 Unrealized losses on investments, recognized in earnings (13,523 ) (689 ) (14,212 ) Balance as of March 31, 2020 $ 46,220 $ 3,267 $ 49,487 Accrued interest 1,720 N/A 1,720 Unrealized gains on investments, recognized in OCI 4,094 N/A 4,094 Unrealized losses on investments, recognized in earnings (1,013 ) 444 (569 ) Balance as of June 30, 2020 $ 51,021 $ 3,711 $ 54,732 Accrued interest 2,143 N/A 2,143 Unrealized gains on investments, recognized in OCI 235 N/A 235 Unrealized losses on investments, recognized in earnings (2,746 ) 65 (2,681 ) Balance as of September 30, 2020 $ 50,653 $ 3,776 $ 54,429 The Company's Level 3 nine September 30, 2020 For assets classified in the Level 3 3 September 30, 2020 December 31, 2019 Significant Unobservable Inputs (In thousands) Range (Weighted-average (1) Fair value Valuation Technique Description September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 CLO debt securities Discounted cash flows Discount rate 17.5% (N/A) 17.5% (N/A) $ 50,652 $ 57,856 Default rate 2.0%-3.0% (2.4%) 2.0% (N/A) Severity rate 25.0% (N/A) 25.0% (N/A) Prepayment rate 10.0%-25.0% (15.2%) 25.0% (N/A) Collateral liquidation price 98.0%-99.0% (98.7%) 98.0%-99.0% (98.7%) Equity investment Discounted cash flows Credit factor 20% (N/A) 20% (N/A) $ 3,167 $ 3,550 Discount rate 15.7% (N/A) 17.7% (N/A) ( 1 The weighted average was calculated based on the relative collateral balance of each CLO. Non-recurring Fair Value Measurements The Company's assets that are measured at fair value on a non-recurring basis result from the application of lower of cost or market accounting or write-downs of individual assets. The Company held a loan measured at fair value on a non-recurring basis of $2.4 September 30, 2020 December 31, 2019 |
Note 5 - Available-for-sale Sec
Note 5 - Available-for-sale Securities | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5. The following table summarizes available-for-sale securities, which have been included in marketable securities on the Consolidated Statements of Financial Condition, in an unrealized position as of September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 (In thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Number of positions Amortized cost Gross unrealized gains Gross unrealized losses Fair value Number of positions CLO debt securities $ 51,094 $ - $ (442 ) $ 50,652 3 $ 64,377 $ - $ (6,521 ) $ 57,856 3 The following table summarizes the fair value and amortized cost of the available-for-sale securities by contractual maturity as of September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 (In thousands) Available-for-sale Available-for-sale Amortized cost Fair value Amortized cost Fair value 5-10 years $ 30,089 $ 28,580 $ 38,451 33,877 10+ years 21,005 22,072 25,926 23,979 Total $ 51,094 $ 50,652 $ 64,377 $ 57,856 In July 2020, $6.0 June 30, 2020, 7, |
Note 6 - Loans
Note 6 - Loans | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Loans Collateralizing Asset Backed Securities Issued and Loans Held for Sale [Text Block] | 6. Loans Loans collateralizing Asset-Backed Securities issued (through March 2019) During the period ending March 31, 2019, no 2 three nine September 30, 2019 is as follows: (In thousands) Nine Months Ended September 30, 2019 Impaired Non-Impaired Balance, at beginning of period $ (836 ) $ (9,751 ) Provision for loan losses: Specific reserve - - General reserve - - Charge off 181 - Derecognition due to deconsolidation 655 9,751 Balance, at end of period $ - $ - Loans Held for Investment As of September 30, 2020 December 31, 2019 four A loan is considered to be impaired when, based on current information, it is probable that the Company will be unable to collect all amounts due in accordance with the contractual terms of the original loan agreement, including scheduled principal and interest payments. Ther e were no September 30, 2020 December 31, 2019 no three nine September 30, 2020 three nine September 30, 2019 (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2019 2019 Impaired Non-impaired Impaired Non-impaired Balance, at beginning of the period $ - $ - $ (218 ) $ (181 ) Provision for loan losses Specific (438 ) - (438 ) - General - - - - Charge off - - 218 - Derecognition due to deconsolidation - - - 181 Balance, at end of the period $ (438 ) $ - $ (438 ) $ - |
Note 7 - Debt
Note 7 - Debt | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Debt Bond Payable (In thousands) September 30, 2020 December 31, 2019 7.25% Senior Notes due 2027 $ 50,000 $ 50,000 6.875% Senior Notes due 2029 36,000 36,000 Total outstanding principal $ 86,000 $ 86,000 Less: Debt issuance costs (3,049 ) (3,416 ) Less: Consolidation elimination (2,135 ) - Total bond payable, net $ 80,816 $ 82,584 The 7.25% 2027 “2027 6.875% 2029 "2029 2027 2029 25% may September 30, 2020 December 31, 2019 In March 2020, $1.4 $0.7 2029 2027 $0.7 Note Payable, Lines of Credit and Credit Facilities (In thousands) Outstanding Balance September 30, 2020 December 31, 2019 Revolver / Credit Facility $ 5,983 $ 5,983 Paycheck Protection Program (the "PPP") loan 3,798 - Note payable to an affiliate (Note 18) 829 829 Total note payable, lines of credit, and credit facilities $ 10,610 $ 6,812 In April 2014, $25.0 December 31, 2020 ( 225 $6.0 September 30, 2020 December 31, 2019, September 30, 2020, $1.1 not 12 January 1, 2021, first six 3.75% six 5.0% December 31, 2023; no 60 On July 16, 2020, 2.25% 2.00% $6.0 June 30, 2020, The Credit Agreement contains financial and other covenants, including, but not one JMP Holding's obligations under the Credit Agreement are guaranteed by all of its wholly owned subsidiaries (other than JMP Securities and certain dormant subsidiaries) and are secured by substantially all of its and the guarantors' assets. In addition, the Company has entered into a limited recourse pledge agreement whereby the Company has granted a lien on all of our equity interests in JMP Investment Holdings and JMPAM to secure JMP Holding's obligations under the Credit Agreement. Separately, under a Revolving Note and Cash Subordination Agreement, JMP Securities holds a $20.0 0.25% June 30, 2021, June 30, 2022. no September 30, 2020 December 31, 2019 . On March 27, 2020, 19" April 17, 2020, $3.8 September 30, 2020, The PPP Loan bears interest at the rate of 1% not No June 2022. |
Note 8 - Other Assets and Other
Note 8 - Other Assets and Other Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Other Assets and Other Liabilities Disclosure [Text Block] | 8. At September 30, 2020 December 31, 2019 (In thousands) September 30, 2020 December 31, 2019 Accounts receivable $ 5,141 $ 7,053 Prepaid expenses 11,337 5,152 Deferred tax asset 20,935 21,406 Loans held for sale (1) 2,412 2,412 Other assets 252 230 Total other assets $ 40,077 $ 36,253 ( 1 Loans held for sale are carried at the lower of cost or fair value less cost to sell. (In thousands) September 30, 2020 December 31, 2019 Accounts payable & accrued liabilities $ 6,408 $ 5,015 Deferred compensation liabilities 4,581 2,517 Deferred tax liability 8,132 8,645 Other liabilities 364 3,301 Total other liabilities $ 19,485 $ 19,478 |
Note 9 - Shareholders' Equity
Note 9 - Shareholders' Equity | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. Self-Tender Offers On February 24, 2020, “2020 3,000,000 2020 March 19, 2020 2020 not Quarterly Cash Distributions On February 19, 2020, |
Note 10 - Share-based Compensat
Note 10 - Share-based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 10. Share -Based Compensation On January 27, 2015, 4,000,000 April 12, 2007 June 6, 2011. The following table summarizes the share-based compensation expense for the three nine September 30, 2020 2019 Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Restricted stock unit awards $ 353 $ 534 $ 1,008 $ 1,590 Stock option awards 151 - 392 - Share-based compensation expense $ 504 $ 534 $ 1,401 $ 1,590 Share Options The following table summarizes the share option activity for the nine September 30, 2020 : Nine Months Ended September 30, 2020 Shares Subject to Option Weighted Average Exercise Price Balance, beginning of year - $ - Granted 2,400,000 3.04 Forfeited (400,000 ) 3.04 Balance, end of period 2,000,000 $ 3.04 Options exercisable at end of period - $ - The following table summarizes the share options outstanding as well as share options vested and exercisable as of September 30, 2020 : September 30, 2020 Options Outstanding Options Vested and Exercisable Weighted Weighted Average Weighted Average Weighted Range of Remaining Average Aggregate Remaining Average Aggregate Exercise Number Contractual Exercise Intrinsic Number Contractual Exercise Intrinsic Prices Outstanding Life in Years Price Value Exercisable Life in Years Price Value $3.04 2,000,000 4.35 $ 3.04 $ - - - $ - $ - The Company recognizes share-based compensation expense, net of estimated forfeitures, As of September 30, 2020 , $0.9 The Company uses the Black-Scholes option-pricing model or other quantitative models to calculate the fair value of option awards. Restricted Share Units The following table summarizes restricted share unit ("RSU") activity for the nine September 30, 2020 : Nine Months Ended September 30, 2020 Restricted Share Units Weighted Average Grant Date Fair Value Balance, beginning of year 387,006 $ 3.97 Granted 198,682 2.99 Vested (147,374 ) 3.64 Forfeited (3,894 ) 4.43 Balance, end of period 434,420 $ 3.63 The Company recognizes compensation expense, net of estimated forfeitures, for RSUs over the vesting period using the accelerated attribution method when they are subject to graded vesting and on a straight-line basis when they are subject to cliff vesting. As of September 30, 2020 $0.7 1.42 The Company pays cash distribution equivalents on certain RSUs upon vesting. Distribution equivalents paid on RSUs are generally charged to retained earnings. The Company accounts for the tax benefit related to distribution equivalents paid on RSUs as an increase in additional paid-in capital. |
Note 11 - Net Income Per Common
Note 11 - Net Income Per Common Share | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11 . Net Income per Common Share Basic net income (loss) per share for the Company is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the reporting period. Diluted net income (loss) per share is calculated by adjusting the weighted average number of outstanding shares to reflect the potential dilutive impact as if all potentially dilutive share options or RSUs were exercised or converted under the treasury share method. However, for periods that the Company has a net loss, the effect of outstanding share options or RSUs is anti-dilutive and, accordingly, is excluded from the calculation of diluted loss per share. The computations of basic and diluted net income per share for the nine September 30, 2020 2019 are shown in the tables below: (In thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Numerator: Net income (loss) attributable to JMP Group LLC $ (3,082 ) $ (4,061 ) $ (13,706 ) $ (104 ) Denominator: Basic weighted average shares outstanding 19,628 19,324 19,581 20,454 Effect of potential dilutive securities: Restricted share units - - - - Diluted weighted average shares outstanding 19,628 19,324 19,581 20,454 Net income (loss) per share Basic $ (0.16 ) $ (0.21 ) $ (0.70 ) $ (0.01 ) Diluted $ (0.16 ) $ (0.21 ) $ (0.70 ) $ (0.01 ) Due to the net loss for all periods presented, all of the share o ptions and restricted share units outstanding during those periods were anti-dilutive and, therefore, were not , and therefore, were not |
Note 12 - Revenue from Contract
Note 12 - Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 12. The following tables represent the Company's total revenues from contracts with customers, disaggregated by major business activity, for the three nine September 30, 2020 September 30, 2019 (in thousands) Three Months Ended September 30, 2020 Broker -Dealer Asset Management Eliminations Total Total revenues from contracts with customers Equity and debt origination $ 16,152 $ - $ - $ 16,152 Strategic advisory and private placements 4,722 - - 4,722 Total investment banking revenues 20,874 - - 20,874 Commissions 2,865 - - 2,865 Research payments 1,258 - - 1,258 Net trading losses 52 - - 52 Total brokerage revenues 4,176 - - 4,176 Base management fees - 1,608 (25 ) 1,583 Incentive management fees - 1,328 - 1,328 Total asset management fees - 2,936 (25 ) 2,911 Total revenues from contracts with customers $ 25,050 $ 2,936 $ (25 ) $ 27,961 (in thousands) Three Months Ended September 30, 2019 Broker -Dealer Asset Management Eliminations Total Total revenues from contracts with customers Equity and debt origination $ 8,561 $ - $ - $ 8,561 Strategic advisory and private placements 6,667 - - 6,667 Total investment banking revenues 15,228 - - 15,228 Commissions 2,900 - - 2,900 Research payments 1,152 - - 1,152 Net trading losses (84 ) - - (84 ) Total brokerage revenues 3,968 - - 3,968 Base management fees - 1,597 (25 ) 1,572 Incentive management fees - 59 (3 ) 56 Total asset management fees - 1,656 (28 ) 1,628 Total revenues from contracts with customers $ 19,196 $ 1,656 $ (28 ) $ 20,824 (in thousands) Nine Months Ended September 30, 2020 Broker -Dealer Asset Management Eliminations Total Total revenues from contracts with customers Equity and debt origination $ 39,277 $ - $ - $ 39,277 Strategic advisory and private placements 17,817 - - 17,817 Total investment banking revenues 57,094 - - 57,094 Commissions 10,580 - - 10,580 Research payments 3,887 - - 3,887 Net trading losses (459 ) - - (459 ) Total brokerage revenues 14,007 - - 14,007 Base management fees - 5,018 (75 ) 4,943 Incentive management fees - 1,397 - 1,397 Total asset management fees - 6,415 (75 ) 6,340 Total revenues from contracts with customers $ 71,101 $ 6,415 $ (75 ) $ 77,441 (in thousands) Nine Months Ended September 30, 2019 Broker -Dealer Asset Management Eliminations Total Total revenues from contracts with customers Equity and debt origination $ 27,678 $ - $ - $ 27,678 Strategic advisory and private placements 17,165 - - 17,165 Total investment banking revenues 44,843 - - 44,843 Commissions 9,262 - - 9,262 Research payments 4,016 - - 4,016 Net trading losses (118 ) - - (118 ) Total brokerage revenues 13,160 - - 13,160 Base management fees - 5,835 (1,058 ) 4,777 Incentive management fees - 908 - 908 Total asset management fees - 6,743 (1,058 ) 5,685 Total revenues from contracts with customers $ 58,003 $ 6,743 $ (1,058 ) $ 63,688 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. Income Taxes JMP Group LLC's election to be taxed as a corporation for United States federal income tax purposes was approved by the Internal Revenue Service with an effective date of January 1, 2019. As discussed previously, the CARES Act includes many measures to help companies, including changes that are temporary and non-income based tax laws, some of which were part of the Tax Cuts and Jobs Act. One provision of the CARES Act increases the tax deduction for net operating losses from 80% 100% 2018 2020 2018 2020 five may For the three September 30, 2020 2019 $0.1 $1.2 4.4% 22.8% three September 30, 2020 2019 nine September 30, 2020 2019 $7.2 $5.8 34.9% 97.0% nine September 30, 2020 2019 For financial reporting purposes, the Company's effective tax rate used for the interim periods is based on the estimated full-year income tax rate. For the three, six nine September 30, 2019 The Company recognizes deferred tax assets and liabilities in accordance with ASC 740, Income Taxes |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14 . Commitments and Contingencies In connection with its underwriting activities, JMP Securities may, JMP Securities had no September 30, 2020 and December 31, 2019 . The marketable securities owned and the restricted cash, as well as the cash held by clearing brokers may $0.5 milli September 30, 2020 and December 31, 2019 . may Unfunded commitments are agreements to lend to a borrower, provided that all conditions have been met. The Company had no September 30, 2020 and December 31, 2019 |
Note 15 - Regulatory Requiremen
Note 15 - Regulatory Requirements | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 15 . Regulatory Requirements JMP Securities is subject to the SEC 's Uniform Net Capital Rule (Rule 15c3 1 not 15 1. f $17.5 $16.9 e $16.2 $15.5 of $1.3 $1.4 m September 30, 2020 and December 31, 2019 1.14 to 1 and 1.25 1 September 30, 2020 and December 31, 2019 , Since all customer transactions are cleared through another broker-dealer on a fully disclosed basis, JMP Securities is not 15c3 3 |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 16 . Related Party Transactions The Company earns base management fees and incentive fees from serving as investment advisor for various entities, including corporations, partnerships limited liability companies, and offshore investment companies. The Company also owns an investment in some of such affiliated entities. As of September 30, 2020 and December 31, 2019 , was $12.5 m $17.3 f $9.0 million and $8.6 million, for the periods, respectively and an investment in HCC common stock of $3.4 mil $8.7 $1.6 $1.5 three September 30, 2020 2019 , respectively and were $5.0 $3.3 six September 30, 2020 2019 . On September 19, 2017, the Company made a loan to a registered investment adviser of $3.4 million at an interest rate of 15% per year. In October 2017, the Company sold 30% of the loan, or $1.0 September 30, 2020 and December 31, 2019 , the Company's portion of the outstanding loan balance to this entity was $2.4 On January 9, 2018, $0.8 September 30, 2020 , was $0.8 million 12.5% November 20, 2022. |
Note 17 - Litigation
Note 17 - Litigation | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 17. The Company may the business. The outcome of such matters the Company has been and/or currently is involved in cannot be determined at this time, and the results cannot be predicted with certainty. There can be no not The Company reviews the need for any loss contingency reserves and establishes reserves when, in the opinion of management, it is probable that a matter would result in liability and the amount of loss, if any, can be reasonably estimated. Generally, given the inherent difficulty of predicting the outcome of matters the Company is involved in, particularly cases in which claimants seek substantial or indeterminate damages, it is not no not |
Note 18 - Financial Instruments
Note 18 - Financial Instruments With Off-balance Sheet Risk, Credit Risk or Market Risk | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 18. The majority of the Company's transactions, and consequently the concentration of its credit exposure, is with its clearing brokers. The Company may not may The Company's trading activities include providing securities brokerage services to institutional clients. To facilitate these customer transactions, the Company purchases proprietary securities positions (“long positions”) in equity securities. The Company also enters into transactions to sell securities not not may JMP Securities has agreed to indemnify its clearing brokers for losses that the clearing brokers may not may no September 30, 2020 and December 31, 2019 no nine September 30, 2020 2019 no no September 30, 2020 and December 31, 2019 The Company is engaged in various investment banking and brokerage activities whose counterparties primarily include broker-dealers, banks and other financial institutions. In the event counterparties do not may Standby letters of credit are conditional commitments issued by the Company to guarantee the performance by a borrower to a third 14 September 30, 2020 and December 31, 2019 . |
Note 19 - Business Segments
Note 19 - Business Segments | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 19. The Company's business results are categorized into the following four September 30, 2019 Management uses operating net income, a Non-GAAP financial measure, as a key metric when evaluating the performance of the Company's core business strategy and ongoing operations. This measure adjusts the Company's net income as follows: (i) reverses share-based compensation expense recognized during the period, (ii) recognizes 100% March 31, 2019; ( one September 2020; ( 26% x March 31, 2019) may Segment Operating Results Management believes that the following information provides a reasonable representation of each segment's contribution to revenues, income and assets: Three Months Ended September 30, 2020 (In thousands) Broker-Dealer Asset Management Corporate Costs Eliminations Total Segments Adjustments Consolidated GAAP Asset Management Fee Income Investment Income Total Asset Management Revenues Investment banking $ 20,874 $ - $ - $ - $ - $ - $ 20,874 $ - $ 20,874 Brokerage 4,176 - - - - - 4,176 - 4,176 Asset management related fees 8 3,101 380 3,481 - (37 ) 3,452 (541 ) (a) 2,911 Principal transactions 188 - 954 954 - - 1,142 (3,879 ) (b) (2,737 ) Net dividend income - - 42 42 - - 42 (38 ) (c ) 4 Other income - - - - - - - 841 (a) 841 Net interest income - - 581 581 - - 581 (26 ) (c ) 555 Gain on repurchase, reissuance or early retirement of debt - - - - - - - - (d ) - Total net revenues 25,246 3,101 1,957 5,058 - (37 ) 30,267 (3,643 ) 26,624 Non-interest expenses 21,916 2,891 350 3,241 2,342 (37 ) 27,462 2,436 (e ) 29,898 Operating income (loss) before taxes 3,330 210 1,607 1,817 (2,342 ) - 2,805 (6,079 ) (3,274 ) Income tax expense (benefit) 866 54 418 472 (609 ) - 729 (857 ) (f ) (128 ) Net loss attributable to non-controlling interest - - - - - - - (64 ) (a), (c ), (e ) (64 ) Operating net income (loss) $ 2,464 $ 156 $ 1,189 $ 1,345 $ (1,733 ) $ - $ 2,076 $ (5,158 ) (g ) $ (3,082 ) As of September 30, 2020 (In thousands) Broker-Dealer Asset Management Corporate Costs Eliminations Total Segments Adjustments Consolidated GAAP Asset Management Fee Income Investment Income Total Asset Management Segment assets $ 56,266 $ 12,034 $ 74,648 $ 86,682 $ 227,129 $ (157,421 ) $ 212,657 $ - $ 212,657 (a) Total segment asset management-related fees include income from fee sharing arrangements with, and fees earned to raise capital for, third (b) Total segment principal transaction revenues exclude certain unrealized mark-to-market gains or losses, including those related to impairment of CLO debt securities and the Company's investment in Harvest Capital Credit Corporation, as well as unrealized losses derived from depreciation and amortization of real estate investment properties. (c) Total segment net dividend income and net interest income exclude those attributable to non-controlling interests. (d) Total segment gain/(loss) repurchase/early retirement of debt excludes losses on write offs of debt issuance costs related to early retirement or repurchase of debt. (e) Total segments non-interest expenses exclude compensation expense recognized under GAAP related to equity awards, a charge recorded in connection with severance costs deriving from a strategic restructuring and reduction in headcount in September 2020, (f) Total segment income tax (benefit) assumes a combined federal, state and local income tax rate of 26%. (g) Operating net income (loss) is reconciled to GAAP net income (loss) attributable to JMP Group LLC. Three Months Ended September 30, 2019 (In thousands) Broker-Dealer Asset Management Corporate Costs Eliminations Total Segments Adjustments Consolidated GAAP Asset Management Fee Income Investment Income Total Asset Management Revenues Investment banking $ 15,228 $ - $ - $ - $ - $ - $ 15,228 $ - $ 15,228 Brokerage 3,968 - - - - - 3,968 - 3,968 Asset management related fees 6 1,795 234 2,029 76 (47 ) 2,064 (436 ) (a) 1,628 Principal transactions - - 883 883 - - 883 (1,223 ) (b) (340 ) Loss on sale, payoff, and mark-to-market of loans - - - - - - - - - Net dividend income - - 317 317 - - 317 (38 ) (c ) 279 Other income - - - - - - - 759 (a) 759 Net interest income - - 563 563 - - 563 (165 ) (c ) 398 Gain (loss) on repurchase. reissuance or early retirement of debt - - - - - - - (458 ) (d) (458 ) Provision for loan losses - - (438 ) (438 ) - - (438 ) - (438 ) Total net revenues 19,202 1,795 1,559 3,354 76 (47 ) 22,585 (1,561 ) 21,024 Non-interest expenses 20,677 2,101 334 2,435 2,172 (47 ) 25,237 1,135 (d) 26,372 Operating income (loss) before taxes (1,475 ) (306 ) 1,225 919 (2,096 ) - (2,652 ) (2,696 ) (5,348 ) Income tax expense (benefit) (383 ) (79 ) 318 239 (545 ) - (689 ) (531 ) (e ) (1,220 ) Net income attributable to non-controlling interest - - - - - - - (67 ) (a), (c ), (d) (67 ) Operating net income (loss) $ (1,092 ) $ (227 ) $ 907 $ 680 $ (1,551 ) $ - $ (1,963 ) $ (2,165 ) (f ) $ (4,061 ) As of September 30, 2019 (In thousands) Broker-Dealer Asset Management Corporate Costs Eliminations Total Segments Adjustments Consolidated GAAP Asset Management Fee Income Investment Income Total Asset Management Segment assets $ 49,554 $ 11,889 $ 78,910 $ 90,799 $ 240,718 $ (147,780 ) $ 233,291 $ - $ 233,291 (a) Total segment asset management-related fees include income from fee sharing arrangements with, and fees earned to raise capital for, third (b) Total segment principal transaction revenues exclude certain unrealized mark-to-market gains or losses, including those related to impairment of CLO debt securities and the Company's investment in Harvest Capital Credit Corporation, as well as unrealized losses derived from depreciation and amortization of real estate investment properties. (c) Total segment net dividend income and net interest income exclude those attributable to non-controlling interests. (d) Total segments non-interest expenses exclude compensation expense recognized under GAAP related to equity awards and expenses attributable to non-controlling interests. (e) Total segment income tax (benefit) assumes a combined federal, state and local income tax rate of 26%. (f) Operating net income (loss) is reconciled to GAAP net income (loss) attributable to JMP Group LLC. Nine Months Ended September 30, 2020 (In thousands) Broker-Dealer Asset Management Corporate Costs Eliminations Total Segments Adjustments Consolidated GAAP Asset Management Fee Income Investment Income Total Asset Management Revenues Investment banking $ 57,094 $ - $ - $ - $ - $ - $ 57,094 $ - $ 57,094 Brokerage 14,008 - - - - - 14,008 - 14,008 Asset management related fees 167 6,945 1,092 8,037 - (124 ) 8,080 (1,741 ) (a) 6,339 Principal transactions 675 - 2,815 2,815 - - 3,490 (23,827 ) (b) (20,337 ) Net dividend income - - 347 347 - - 347 (106 ) (c ) 241 Other income - - - - - - - 2,688 (a) 2,688 Net interest income - - 1,231 1,231 - - 1,231 (77 ) (c ) 1,154 Gain on repurchase, reissuance or early retirement of debt - - 786 786 - - 786 (89 ) (d ) 697 Total net revenues 71,944 6,945 6,271 13,216 - (124 ) 85,036 (23,152 ) 61,884 Non-interest expenses 65,162 7,397 804 8,201 6,216 (124 ) 79,455 3,507 (e ) 82,962 Operating income (loss) before taxes 6,782 (452 ) 5,467 5,015 (6,216 ) - 5,581 (26,659 ) (21,078 ) Income tax expense (benefit) 1,755 (119 ) 1,430 1,311 (1,615 ) - 1,452 (8,642 ) (f ) (7,191 ) Net loss attributable to non-controlling interest - - - - - - - (181 ) (a), (c ), (e ) (181 ) Operating net income (loss) $ 5,027 $ (333 ) $ 4,037 $ 3,704 $ (4,602 ) $ - $ 4,130 $ (17,836 ) (g ) $ (13,706 ) (a) Total segment asset management-related fees include income from fee sharing arrangements with, and fees earned to raise capital for, third (b) Total segment principal transaction revenues exclude certain unrealized mark-to-market gains or losses, including those related to impairment of CLO debt securities and the Company's investment in Harvest Capital Credit Corporation, as well as unrealized losses derived from depreciation and amortization of real estate investment properties. (c) Total segment net dividend income and net interest income exclude those attributable to non-controlling interests. (d) Total segment gain/(loss) repurchase/early retirement of debt excludes losses on write offs of debt issuance costs related to early retirement or repurchase of debt. (e) Total segments non-interest expenses exclude compensation expense recognized under GAAP related to equity awards, a charge recorded in connection with severance costs deriving from a strategic restructuring and reduction in headcount in September 2020, (f) Total segment income tax expense (benefit) assumes a combined federal, state and local income tax rate of 26%. (g) Operating net income (loss) is reconciled to GAAP net income (loss) attributable to JMP Group LLC. Nine Months Ended September 30, 2019 (In thousands) Broker-Dealer Asset Management Corporate Costs Eliminations Total Segments Adjustments Consolidated GAAP Asset Management Fee Income Investment Income Total Asset Management Revenues Investment banking $ 44,843 $ - $ - $ - $ - $ - $ 44,843 $ - $ 44,843 Brokerage 13,160 - - - - - 13,160 - 13,160 Asset management related fees 18 6,692 603 7,295 76 (1,095 ) 6,294 (609 ) (a) 5,685 Principal transactions - - 7,762 7,762 - - 7,762 (1,391 ) (b) 6,371 Loss on sale, payoff, and mark-to-market of loans - - (39 ) (39 ) - - (39 ) 1 (c ) (38 ) Net dividend income - - 983 983 - - 983 (115 ) (a) 868 Other income - - - - - - - 1,517 (c ) 1,517 Gain (loss) on repurchase. reissuance or early retirement of debt - - - - - - - (458 ) (d) (458 ) Provision for loan losses - - (438 ) (438 ) - - (438 ) - (438 ) Net interest income - - 4,702 4,702 - - 4,702 47 (d ) 4,749 Total net revenues 58,021 6,692 13,573 20,265 76 (1,095 ) 77,267 (1,008 ) 76,259 Non-interest expenses 62,035 8,074 3,378 11,452 6,214 (1,095 ) 78,606 3,676 (e ) 82,282 Operating income (loss) before taxes (4,014 ) (1,382 ) 10,195 8,813 (6,138 ) - (1,339 ) (4,684 ) (6,023 ) Income tax expense (benefit) (1,043 ) (360 ) 2,650 2,290 (1,595 ) - (348 ) (5,491 ) (f ) (5,839 ) Net income attributable to non-controlling interest - - - - - - - (80.00 ) (a), (c ), (e ) (80 ) Operating net income (loss) $ (2,971 ) $ (1,022 ) $ 7,545 $ 6,523 $ (4,543 ) $ - $ (991 ) $ 887 (g ) $ (104 ) (a) Total segment asset management-related fees include income from fee sharing arrangements with, and fees earned to raise capital for, third (b) Total segment principal transaction revenues exclude certain unrealized mark-to-market gains or losses, including those related to impairment of CLO debt securities and the Company's investment in Harvest Capital Credit Corporation, as well as unrealized losses derived from depreciation and amortization of real estate investment properties. (c) Total segment net dividend income and net interest income exclude those attributable to non-controlling interests. (d) Total segment gain/(loss) on repurchase, reissuance or early retirement of debt excludes losses on write offs of debt issuance costs related to early retirement or repurchase of debt. (e) Total segment non-interest expenses exclude compensation expense recognized under GAAP related to equity awards, expenses attributable to non-controlling interests and amortization of an intangible asset related to CLO III prior to September 30, 2019 (f) Total segment income tax expense (benefit) assumes a combined federal, state and local income tax rate of 26%. (g) Operating net income (loss) is reconciled to GAAP net income (loss) attributable to JMP Group LLC. |
Note 20 - Nonconsolidated Varia
Note 20 - Nonconsolidated Variable Interest Entities | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 20 . Nonconsolidated Variable Interest Entities VIEs for which the Company is not The Company (In thousands) As of September 30, 2020 December 31, 2019 Financial Statement Maximum Financial Statement Maximum Carrying Amount Exposure to Carrying Amount Exposure to Assets Liabilities Loss VIE Assets Assets Liabilities Loss VIE Assets CLOs and CLO warehouse $ 55,439 $ - $ 55,439 $ 1,205,427 $ 73,266 $ - $ 73,266 $ 1,439,442 Fund investments 11,024 285 14,539 471,919 10,396 207 14,196 346,206 Other investments 4,156 33 4,156 1,180,823 4,424 95 4,424 1,140,128 Total $ 70,619 $ 318 $ 74,134 $ 2,858,169 $ 88,086 $ 302 $ 91,886 $ 2,925,776 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation These consolidated financial statements and related notes are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Quarterly Report on Form 10 10 X. 10 December 31, 2019 filed with the SEC on March 30, 2020 ( 10 no The results of operations for any interim period are not The consolidated accounts of the Company include the wholly-owned subsidiaries and the partially-owned subsidiaries of which the Company is the majority owner or the primary beneficiary. All material intercompany accounts and transactions have been eliminated in consolidation. Non-controlling interests on the Consolidated Statements of Financial Condition at September 30, 2020 December 31, 2019 third See Note 2 Annual Report for the Company s significant accounting policies. For the nine September 30, 2020 no 3, Recent Accounting Pronouncements |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2020 (In thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 56,678 $ 56,678 $ - $ - $ 56,678 Restricted cash 1,287 1,287 - - 1,287 Marketable securities owned 55,497 4,845 - 50,652 55,497 Equity Investments 3,777 - - 3,777 3,777 Investments in private equity, real estate and credit funds, measured at net asset value (1) 10,597 - - - - Loans held for sale 2,412 - - 2,412 2,412 Loans held for investment, net of allowance for loan losses 1,109 - - 1,109 1,109 Total assets: $ 131,357 $ 62,810 $ - $ 57,950 $ 120,760 Liabilities: Notes payable $ 10,610 - $ 5,983 $ 4,627 $ 10,610 Bond payable 80,816 - 75,070 - 75,070 Total liabilities: $ 91,426 $ - $ 81,053 $ 4,627 $ 85,680 December 31, 2019 (In thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 49,630 $ 49,630 $ - $ - $ 49,630 Restricted cash 1,287 1,287 - - 1,287 Marketable securities owned 73,101 15,245 - 57,856 73,101 Equity Investments 3,956 - - 3,956 3,956.00 Investments in private equity, real estate and credit funds, measured at net asset value (1) 10,250 - - - - Loans held for sale 2,412 - - 2,476 2,476 Loans held for investment, net of allowance for loan losses 1,210 - - 1,087 1,087 Total assets: $ 141,846 $ 66,162 $ - $ 65,375 $ 131,537 Liabilities: Marketable securities sold, but not yet purchased $ 3,855 $ 3,855 $ - $ - $ 3,855 Notes payable 6,812 - 5,983 829 6,812 Bond payable 82,584 - 84,821 - 84,821 Total liabilities: $ 93,251 $ 3,855 $ 90,804 $ 829 $ 95,488 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | (In thousands) September 30, 2020 Carrying Value Level 1 Level 2 Level 3 Total Marketable securities owned $ 55,497 $ 4,845 $ - $ 50,652 $ 55,497 Other investments: Equity investments 3,777 - - 3,777 3,777 Investments in private equity, real estate and credit funds (1) 10,597 - - - - Total other investments 14,374 - - 3,777 3,777 Total assets: $ 69,871 $ 4,845 $ - $ 54,429 $ 59,274 (In thousands) December 31, 2019 Carrying Value Level 1 Level 2 Level 3 Total Marketable securities owned $ 73,101 $ 15,245 $ - $ 57,856 $ 73,101 Other investments: Equity investments 3,956 - - 3,956 3,956 Investments in private equity, real estate and credit funds (1) 10,250 - - - - Total other investments 14,206 - - 3,956 3,956 Total assets: $ 87,307 $ 15,245 $ - $ 61,812 $ 77,057 Marketable securities sold, but not yet purchased 3,855 3,855 - - 3,855 Total liabilities: $ 3,855 $ 3,855 $ - $ - $ 3,855 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | (In thousands) CLO Junior Subordinated Notes Equity Investment Total Balance as of December 31, 2019 $ 57,856 $ 3,956 $ 61,812 Accrued interest 2,176 - 2,176 Investment distributions (2,040 ) - (2,040 ) Unrealized gains on investments, recognized in OCI 1,751 - 1,751 Unrealized losses on investments, recognized in earnings (13,523 ) (689 ) (14,212 ) Balance as of March 31, 2020 $ 46,220 $ 3,267 $ 49,487 Accrued interest 1,720 N/A 1,720 Unrealized gains on investments, recognized in OCI 4,094 N/A 4,094 Unrealized losses on investments, recognized in earnings (1,013 ) 444 (569 ) Balance as of June 30, 2020 $ 51,021 $ 3,711 $ 54,732 Accrued interest 2,143 N/A 2,143 Unrealized gains on investments, recognized in OCI 235 N/A 235 Unrealized losses on investments, recognized in earnings (2,746 ) 65 (2,681 ) Balance as of September 30, 2020 $ 50,653 $ 3,776 $ 54,429 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Significant Unobservable Inputs (In thousands) Range (Weighted-average (1) Fair value Valuation Technique Description September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 CLO debt securities Discounted cash flows Discount rate 17.5% (N/A) 17.5% (N/A) $ 50,652 $ 57,856 Default rate 2.0%-3.0% (2.4%) 2.0% (N/A) Severity rate 25.0% (N/A) 25.0% (N/A) Prepayment rate 10.0%-25.0% (15.2%) 25.0% (N/A) Collateral liquidation price 98.0%-99.0% (98.7%) 98.0%-99.0% (98.7%) Equity investment Discounted cash flows Credit factor 20% (N/A) 20% (N/A) $ 3,167 $ 3,550 Discount rate 15.7% (N/A) 17.7% (N/A) |
Note 5 - Available-for-sale S_2
Note 5 - Available-for-sale Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Debt Securities, Available-for-sale [Table Text Block] | September 30, 2020 December 31, 2019 (In thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Number of positions Amortized cost Gross unrealized gains Gross unrealized losses Fair value Number of positions CLO debt securities $ 51,094 $ - $ (442 ) $ 50,652 3 $ 64,377 $ - $ (6,521 ) $ 57,856 3 |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, 2020 December 31, 2019 (In thousands) Available-for-sale Available-for-sale Amortized cost Fair value Amortized cost Fair value 5-10 years $ 30,089 $ 28,580 $ 38,451 33,877 10+ years 21,005 22,072 25,926 23,979 Total $ 51,094 $ 50,652 $ 64,377 $ 57,856 |
Note 6 - Loans (Tables)
Note 6 - Loans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (In thousands) Nine Months Ended September 30, 2019 Impaired Non-Impaired Balance, at beginning of period $ (836 ) $ (9,751 ) Provision for loan losses: Specific reserve - - General reserve - - Charge off 181 - Derecognition due to deconsolidation 655 9,751 Balance, at end of period $ - $ - |
Loans Held for Investment [Member] | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2019 2019 Impaired Non-impaired Impaired Non-impaired Balance, at beginning of the period $ - $ - $ (218 ) $ (181 ) Provision for loan losses Specific (438 ) - (438 ) - General - - - - Charge off - - 218 - Derecognition due to deconsolidation - - - 181 Balance, at end of the period $ (438 ) $ - $ (438 ) $ - |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) - Senior Notes [Member] | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | (In thousands) September 30, 2020 December 31, 2019 7.25% Senior Notes due 2027 $ 50,000 $ 50,000 6.875% Senior Notes due 2029 36,000 36,000 Total outstanding principal $ 86,000 $ 86,000 Less: Debt issuance costs (3,049 ) (3,416 ) Less: Consolidation elimination (2,135 ) - Total bond payable, net $ 80,816 $ 82,584 |
Schedule of Debt [Table Text Block] | (In thousands) Outstanding Balance September 30, 2020 December 31, 2019 Revolver / Credit Facility $ 5,983 $ 5,983 Paycheck Protection Program (the "PPP") loan 3,798 - Note payable to an affiliate (Note 18) 829 829 Total note payable, lines of credit, and credit facilities $ 10,610 $ 6,812 |
Note 8 - Other Assets and Oth_2
Note 8 - Other Assets and Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | (In thousands) September 30, 2020 December 31, 2019 Accounts receivable $ 5,141 $ 7,053 Prepaid expenses 11,337 5,152 Deferred tax asset 20,935 21,406 Loans held for sale (1) 2,412 2,412 Other assets 252 230 Total other assets $ 40,077 $ 36,253 |
Other Liabilities [Table Text Block] | (In thousands) September 30, 2020 December 31, 2019 Accounts payable & accrued liabilities $ 6,408 $ 5,015 Deferred compensation liabilities 4,581 2,517 Deferred tax liability 8,132 8,645 Other liabilities 364 3,301 Total other liabilities $ 19,485 $ 19,478 |
Note 10 - Share-based Compens_2
Note 10 - Share-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Restricted stock unit awards $ 353 $ 534 $ 1,008 $ 1,590 Stock option awards 151 - 392 - Share-based compensation expense $ 504 $ 534 $ 1,401 $ 1,590 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Nine Months Ended September 30, 2020 Shares Subject to Option Weighted Average Exercise Price Balance, beginning of year - $ - Granted 2,400,000 3.04 Forfeited (400,000 ) 3.04 Balance, end of period 2,000,000 $ 3.04 Options exercisable at end of period - $ - |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | September 30, 2020 Options Outstanding Options Vested and Exercisable Weighted Weighted Average Weighted Average Weighted Range of Remaining Average Aggregate Remaining Average Aggregate Exercise Number Contractual Exercise Intrinsic Number Contractual Exercise Intrinsic Prices Outstanding Life in Years Price Value Exercisable Life in Years Price Value $3.04 2,000,000 4.35 $ 3.04 $ - - - $ - $ - |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Nine Months Ended September 30, 2020 Restricted Share Units Weighted Average Grant Date Fair Value Balance, beginning of year 387,006 $ 3.97 Granted 198,682 2.99 Vested (147,374 ) 3.64 Forfeited (3,894 ) 4.43 Balance, end of period 434,420 $ 3.63 |
Note 11 - Net Income Per Comm_2
Note 11 - Net Income Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (In thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Numerator: Net income (loss) attributable to JMP Group LLC $ (3,082 ) $ (4,061 ) $ (13,706 ) $ (104 ) Denominator: Basic weighted average shares outstanding 19,628 19,324 19,581 20,454 Effect of potential dilutive securities: Restricted share units - - - - Diluted weighted average shares outstanding 19,628 19,324 19,581 20,454 Net income (loss) per share Basic $ (0.16 ) $ (0.21 ) $ (0.70 ) $ (0.01 ) Diluted $ (0.16 ) $ (0.21 ) $ (0.70 ) $ (0.01 ) |
Note 12 - Revenue from Contra_2
Note 12 - Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | (in thousands) Three Months Ended September 30, 2020 Broker -Dealer Asset Management Eliminations Total Total revenues from contracts with customers Equity and debt origination $ 16,152 $ - $ - $ 16,152 Strategic advisory and private placements 4,722 - - 4,722 Total investment banking revenues 20,874 - - 20,874 Commissions 2,865 - - 2,865 Research payments 1,258 - - 1,258 Net trading losses 52 - - 52 Total brokerage revenues 4,176 - - 4,176 Base management fees - 1,608 (25 ) 1,583 Incentive management fees - 1,328 - 1,328 Total asset management fees - 2,936 (25 ) 2,911 Total revenues from contracts with customers $ 25,050 $ 2,936 $ (25 ) $ 27,961 (in thousands) Three Months Ended September 30, 2019 Broker -Dealer Asset Management Eliminations Total Total revenues from contracts with customers Equity and debt origination $ 8,561 $ - $ - $ 8,561 Strategic advisory and private placements 6,667 - - 6,667 Total investment banking revenues 15,228 - - 15,228 Commissions 2,900 - - 2,900 Research payments 1,152 - - 1,152 Net trading losses (84 ) - - (84 ) Total brokerage revenues 3,968 - - 3,968 Base management fees - 1,597 (25 ) 1,572 Incentive management fees - 59 (3 ) 56 Total asset management fees - 1,656 (28 ) 1,628 Total revenues from contracts with customers $ 19,196 $ 1,656 $ (28 ) $ 20,824 (in thousands) Nine Months Ended September 30, 2020 Broker -Dealer Asset Management Eliminations Total Total revenues from contracts with customers Equity and debt origination $ 39,277 $ - $ - $ 39,277 Strategic advisory and private placements 17,817 - - 17,817 Total investment banking revenues 57,094 - - 57,094 Commissions 10,580 - - 10,580 Research payments 3,887 - - 3,887 Net trading losses (459 ) - - (459 ) Total brokerage revenues 14,007 - - 14,007 Base management fees - 5,018 (75 ) 4,943 Incentive management fees - 1,397 - 1,397 Total asset management fees - 6,415 (75 ) 6,340 Total revenues from contracts with customers $ 71,101 $ 6,415 $ (75 ) $ 77,441 (in thousands) Nine Months Ended September 30, 2019 Broker -Dealer Asset Management Eliminations Total Total revenues from contracts with customers Equity and debt origination $ 27,678 $ - $ - $ 27,678 Strategic advisory and private placements 17,165 - - 17,165 Total investment banking revenues 44,843 - - 44,843 Commissions 9,262 - - 9,262 Research payments 4,016 - - 4,016 Net trading losses (118 ) - - (118 ) Total brokerage revenues 13,160 - - 13,160 Base management fees - 5,835 (1,058 ) 4,777 Incentive management fees - 908 - 908 Total asset management fees - 6,743 (1,058 ) 5,685 Total revenues from contracts with customers $ 58,003 $ 6,743 $ (1,058 ) $ 63,688 |
Note 19 - Business Segments (Ta
Note 19 - Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended September 30, 2020 (In thousands) Broker-Dealer Asset Management Corporate Costs Eliminations Total Segments Adjustments Consolidated GAAP Asset Management Fee Income Investment Income Total Asset Management Revenues Investment banking $ 20,874 $ - $ - $ - $ - $ - $ 20,874 $ - $ 20,874 Brokerage 4,176 - - - - - 4,176 - 4,176 Asset management related fees 8 3,101 380 3,481 - (37 ) 3,452 (541 ) (a) 2,911 Principal transactions 188 - 954 954 - - 1,142 (3,879 ) (b) (2,737 ) Net dividend income - - 42 42 - - 42 (38 ) (c ) 4 Other income - - - - - - - 841 (a) 841 Net interest income - - 581 581 - - 581 (26 ) (c ) 555 Gain on repurchase, reissuance or early retirement of debt - - - - - - - - (d ) - Total net revenues 25,246 3,101 1,957 5,058 - (37 ) 30,267 (3,643 ) 26,624 Non-interest expenses 21,916 2,891 350 3,241 2,342 (37 ) 27,462 2,436 (e ) 29,898 Operating income (loss) before taxes 3,330 210 1,607 1,817 (2,342 ) - 2,805 (6,079 ) (3,274 ) Income tax expense (benefit) 866 54 418 472 (609 ) - 729 (857 ) (f ) (128 ) Net loss attributable to non-controlling interest - - - - - - - (64 ) (a), (c ), (e ) (64 ) Operating net income (loss) $ 2,464 $ 156 $ 1,189 $ 1,345 $ (1,733 ) $ - $ 2,076 $ (5,158 ) (g ) $ (3,082 ) As of September 30, 2020 (In thousands) Broker-Dealer Asset Management Corporate Costs Eliminations Total Segments Adjustments Consolidated GAAP Asset Management Fee Income Investment Income Total Asset Management Segment assets $ 56,266 $ 12,034 $ 74,648 $ 86,682 $ 227,129 $ (157,421 ) $ 212,657 $ - $ 212,657 Three Months Ended September 30, 2019 (In thousands) Broker-Dealer Asset Management Corporate Costs Eliminations Total Segments Adjustments Consolidated GAAP Asset Management Fee Income Investment Income Total Asset Management Revenues Investment banking $ 15,228 $ - $ - $ - $ - $ - $ 15,228 $ - $ 15,228 Brokerage 3,968 - - - - - 3,968 - 3,968 Asset management related fees 6 1,795 234 2,029 76 (47 ) 2,064 (436 ) (a) 1,628 Principal transactions - - 883 883 - - 883 (1,223 ) (b) (340 ) Loss on sale, payoff, and mark-to-market of loans - - - - - - - - - Net dividend income - - 317 317 - - 317 (38 ) (c ) 279 Other income - - - - - - - 759 (a) 759 Net interest income - - 563 563 - - 563 (165 ) (c ) 398 Gain (loss) on repurchase. reissuance or early retirement of debt - - - - - - - (458 ) (d) (458 ) Provision for loan losses - - (438 ) (438 ) - - (438 ) - (438 ) Total net revenues 19,202 1,795 1,559 3,354 76 (47 ) 22,585 (1,561 ) 21,024 Non-interest expenses 20,677 2,101 334 2,435 2,172 (47 ) 25,237 1,135 (d) 26,372 Operating income (loss) before taxes (1,475 ) (306 ) 1,225 919 (2,096 ) - (2,652 ) (2,696 ) (5,348 ) Income tax expense (benefit) (383 ) (79 ) 318 239 (545 ) - (689 ) (531 ) (e ) (1,220 ) Net income attributable to non-controlling interest - - - - - - - (67 ) (a), (c ), (d) (67 ) Operating net income (loss) $ (1,092 ) $ (227 ) $ 907 $ 680 $ (1,551 ) $ - $ (1,963 ) $ (2,165 ) (f ) $ (4,061 ) As of September 30, 2019 (In thousands) Broker-Dealer Asset Management Corporate Costs Eliminations Total Segments Adjustments Consolidated GAAP Asset Management Fee Income Investment Income Total Asset Management Segment assets $ 49,554 $ 11,889 $ 78,910 $ 90,799 $ 240,718 $ (147,780 ) $ 233,291 $ - $ 233,291 Nine Months Ended September 30, 2020 (In thousands) Broker-Dealer Asset Management Corporate Costs Eliminations Total Segments Adjustments Consolidated GAAP Asset Management Fee Income Investment Income Total Asset Management Revenues Investment banking $ 57,094 $ - $ - $ - $ - $ - $ 57,094 $ - $ 57,094 Brokerage 14,008 - - - - - 14,008 - 14,008 Asset management related fees 167 6,945 1,092 8,037 - (124 ) 8,080 (1,741 ) (a) 6,339 Principal transactions 675 - 2,815 2,815 - - 3,490 (23,827 ) (b) (20,337 ) Net dividend income - - 347 347 - - 347 (106 ) (c ) 241 Other income - - - - - - - 2,688 (a) 2,688 Net interest income - - 1,231 1,231 - - 1,231 (77 ) (c ) 1,154 Gain on repurchase, reissuance or early retirement of debt - - 786 786 - - 786 (89 ) (d ) 697 Total net revenues 71,944 6,945 6,271 13,216 - (124 ) 85,036 (23,152 ) 61,884 Non-interest expenses 65,162 7,397 804 8,201 6,216 (124 ) 79,455 3,507 (e ) 82,962 Operating income (loss) before taxes 6,782 (452 ) 5,467 5,015 (6,216 ) - 5,581 (26,659 ) (21,078 ) Income tax expense (benefit) 1,755 (119 ) 1,430 1,311 (1,615 ) - 1,452 (8,642 ) (f ) (7,191 ) Net loss attributable to non-controlling interest - - - - - - - (181 ) (a), (c ), (e ) (181 ) Operating net income (loss) $ 5,027 $ (333 ) $ 4,037 $ 3,704 $ (4,602 ) $ - $ 4,130 $ (17,836 ) (g ) $ (13,706 ) Nine Months Ended September 30, 2019 (In thousands) Broker-Dealer Asset Management Corporate Costs Eliminations Total Segments Adjustments Consolidated GAAP Asset Management Fee Income Investment Income Total Asset Management Revenues Investment banking $ 44,843 $ - $ - $ - $ - $ - $ 44,843 $ - $ 44,843 Brokerage 13,160 - - - - - 13,160 - 13,160 Asset management related fees 18 6,692 603 7,295 76 (1,095 ) 6,294 (609 ) (a) 5,685 Principal transactions - - 7,762 7,762 - - 7,762 (1,391 ) (b) 6,371 Loss on sale, payoff, and mark-to-market of loans - - (39 ) (39 ) - - (39 ) 1 (c ) (38 ) Net dividend income - - 983 983 - - 983 (115 ) (a) 868 Other income - - - - - - - 1,517 (c ) 1,517 Gain (loss) on repurchase. reissuance or early retirement of debt - - - - - - - (458 ) (d) (458 ) Provision for loan losses - - (438 ) (438 ) - - (438 ) - (438 ) Net interest income - - 4,702 4,702 - - 4,702 47 (d ) 4,749 Total net revenues 58,021 6,692 13,573 20,265 76 (1,095 ) 77,267 (1,008 ) 76,259 Non-interest expenses 62,035 8,074 3,378 11,452 6,214 (1,095 ) 78,606 3,676 (e ) 82,282 Operating income (loss) before taxes (4,014 ) (1,382 ) 10,195 8,813 (6,138 ) - (1,339 ) (4,684 ) (6,023 ) Income tax expense (benefit) (1,043 ) (360 ) 2,650 2,290 (1,595 ) - (348 ) (5,491 ) (f ) (5,839 ) Net income attributable to non-controlling interest - - - - - - - (80.00 ) (a), (c ), (e ) (80 ) Operating net income (loss) $ (2,971 ) $ (1,022 ) $ 7,545 $ 6,523 $ (4,543 ) $ - $ (991 ) $ 887 (g ) $ (104 ) |
Note 20 - Nonconsolidated Var_2
Note 20 - Nonconsolidated Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | (In thousands) As of September 30, 2020 December 31, 2019 Financial Statement Maximum Financial Statement Maximum Carrying Amount Exposure to Carrying Amount Exposure to Assets Liabilities Loss VIE Assets Assets Liabilities Loss VIE Assets CLOs and CLO warehouse $ 55,439 $ - $ 55,439 $ 1,205,427 $ 73,266 $ - $ 73,266 $ 1,439,442 Fund investments 11,024 285 14,539 471,919 10,396 207 14,196 346,206 Other investments 4,156 33 4,156 1,180,823 4,424 95 4,424 1,140,128 Total $ 70,619 $ 318 $ 74,134 $ 2,858,169 $ 88,086 $ 302 $ 91,886 $ 2,925,776 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) | Sep. 30, 2020 |
CLO III [Member] | |
Ownership Percentage of Junior Subordinated Notes | 47.00% |
CLO IV [Member] | |
Ownership Percentage of Junior Subordinated Notes | 100.00% |
CLO V [Member] | |
Ownership Percentage of Junior Subordinated Notes | 100.00% |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 3.5 | $ 3.8 |
Fair Value, Nonrecurring [Member] | ||
Loans Receivable, Fair Value Disclosure | $ 2.4 | $ 2.4 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | ||
Marketable securities owned | $ 5,975 | $ 0 | [1] | |
Marketable securities sold, but not yet purchased | 3,855 | [2] | ||
Reported Value Measurement [Member] | ||||
Cash and cash equivalents | 56,678 | 49,630 | ||
Restricted cash | 1,287 | 1,287 | ||
Marketable securities owned | 55,497 | 73,101 | ||
Equity investments | 3,777 | 3,956 | ||
Investments in private equity, real estate and credit funds, measured at net asset value (1) | [3] | 10,597 | 10,250 | |
Loans held for sale | 2,412 | 2,412 | ||
Loans held for investment, net of allowance for loan losses | 1,109 | 1,210 | ||
Total assets: | 131,357 | 141,846 | ||
Notes payable | 10,610 | 6,812 | ||
Bond payable | 80,816 | 82,584 | ||
Total liabilities: | 91,426 | 93,251 | ||
Marketable securities sold, but not yet purchased | 3,855 | |||
Estimate of Fair Value Measurement [Member] | ||||
Cash and cash equivalents | 56,678 | 49,630 | ||
Restricted cash | 1,287 | 1,287 | ||
Marketable securities owned | 55,497 | 73,101 | ||
Equity investments | 3,777 | 3,956 | ||
Investments in private equity, real estate and credit funds, measured at net asset value (1) | [3] | |||
Loans held for sale | 2,412 | 2,476 | ||
Loans held for investment, net of allowance for loan losses | 1,109 | 1,087 | ||
Total assets: | 120,760 | 131,537 | ||
Notes payable | 10,610 | 6,812 | ||
Bond payable | 75,070 | 84,821 | ||
Total liabilities: | 85,680 | 95,488 | ||
Marketable securities sold, but not yet purchased | 3,855 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Cash and cash equivalents | 56,678 | 49,630 | ||
Restricted cash | 1,287 | 1,287 | ||
Marketable securities owned | 4,845 | 15,245 | ||
Equity investments | ||||
Investments in private equity, real estate and credit funds, measured at net asset value (1) | [3] | |||
Loans held for sale | ||||
Loans held for investment, net of allowance for loan losses | ||||
Total assets: | 62,810 | 66,162 | ||
Notes payable | ||||
Bond payable | ||||
Total liabilities: | 3,855 | |||
Marketable securities sold, but not yet purchased | 3,855 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Cash and cash equivalents | ||||
Restricted cash | ||||
Marketable securities owned | ||||
Equity investments | ||||
Investments in private equity, real estate and credit funds, measured at net asset value (1) | [3] | |||
Loans held for sale | ||||
Loans held for investment, net of allowance for loan losses | ||||
Total assets: | ||||
Notes payable | 5,983 | 5,983 | ||
Bond payable | 75,070 | 84,821 | ||
Total liabilities: | 81,053 | 90,804 | ||
Marketable securities sold, but not yet purchased | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Cash and cash equivalents | ||||
Restricted cash | ||||
Marketable securities owned | 50,652 | 57,856 | ||
Equity investments | 3,777 | 3,956 | ||
Investments in private equity, real estate and credit funds, measured at net asset value (1) | [3] | |||
Loans held for sale | 2,412 | 2,476 | ||
Loans held for investment, net of allowance for loan losses | 1,109 | 1,087 | ||
Total assets: | 57,950 | 65,375 | ||
Notes payable | 4,627 | 829 | ||
Bond payable | ||||
Total liabilities: | $ 4,627 | 829 | ||
Marketable securities sold, but not yet purchased | ||||
[1] | The statement of financial condition as of December 31, 2019 is derived from the audited financial statements as of that date. | |||
[2] | The statement of financial condition as of December 31, 2019 is derived from the audited financial statements as of that date. | |||
[3] | In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The carrying value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Financial Position. The carrying values of these lines reconciles to the parenthetical disclosure of other investments on the Statements of Financial Condition. |
Note 4 - Fair Value Measureme_5
Note 4 - Fair Value Measurements - Fair Value of Assets and Liabilities on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | ||
Marketable securities owned | $ 55,497 | $ 73,101 | [1] | |
Other investments | 14,374 | 14,206 | [2] | |
Fair Value, Recurring [Member] | ||||
Marketable securities owned | 55,497 | 73,101 | ||
Equity investments | 3,777 | 3,956 | ||
Investments in private equity, real estate and credit funds (1) | [3] | |||
Other investments | 3,956 | |||
Total assets: | 59,274 | 77,057 | ||
Marketable securities sold, but not yet purchased | 3,855 | |||
Total liabilities: | 3,855 | |||
Fair Value, Recurring [Member] | Total Return Swap [Member] | ||||
Other investments | 3,777 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Marketable securities owned | 4,845 | 15,245 | ||
Equity investments | ||||
Investments in private equity, real estate and credit funds (1) | [3] | |||
Other investments | ||||
Total assets: | 4,845 | 15,245 | ||
Marketable securities sold, but not yet purchased | 3,855 | |||
Total liabilities: | 3,855 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Total Return Swap [Member] | ||||
Other investments | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Marketable securities owned | ||||
Equity investments | ||||
Investments in private equity, real estate and credit funds (1) | [3] | |||
Other investments | ||||
Total assets: | ||||
Marketable securities sold, but not yet purchased | ||||
Total liabilities: | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Total Return Swap [Member] | ||||
Other investments | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Marketable securities owned | 50,652 | 57,856 | ||
Equity investments | 3,777 | 3,956 | ||
Investments in private equity, real estate and credit funds (1) | [3] | |||
Other investments | 3,956 | |||
Total assets: | 54,429 | 61,812 | ||
Marketable securities sold, but not yet purchased | ||||
Total liabilities: | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Total Return Swap [Member] | ||||
Other investments | 3,777 | |||
Reported Value Measurement [Member] | ||||
Equity investments | 3,777 | 3,956 | ||
Investments in private equity, real estate and credit funds (1) | [4] | 10,597 | 10,250 | |
Total assets: | 131,357 | 141,846 | ||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | ||||
Marketable securities owned | 55,497 | 73,101 | ||
Equity investments | 3,777 | 3,956 | ||
Investments in private equity, real estate and credit funds (1) | [3] | 10,597 | 10,250 | |
Other investments | 14,206 | |||
Total assets: | 69,871 | 87,307 | ||
Marketable securities sold, but not yet purchased | 3,855 | |||
Total liabilities: | $ 3,855 | |||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Total Return Swap [Member] | ||||
Other investments | $ 14,374 | |||
[1] | The statement of financial condition as of December 31, 2019 is derived from the audited financial statements as of that date. | |||
[2] | The statement of financial condition as of December 31, 2019 is derived from the audited financial statements as of that date. | |||
[3] | In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The carrying values of these lines reconciles to the parenthetical disclosure of other investments on the Consolidated Statements of Financial Condition. | |||
[4] | In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The carrying value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Financial Position. The carrying values of these lines reconciles to the parenthetical disclosure of other investments on the Statements of Financial Condition. |
Note 4 - Fair Value Measureme_6
Note 4 - Fair Value Measurements - Changes in Level 3 Assets Measured at Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Balance | $ 54,732 | $ 49,487 | $ 61,812 |
Accrued interest | 2,143 | 1,720 | 2,176 |
Investment distributions | (2,040) | ||
Unrealized gains on investments, recognized in OCI | 235 | 4,094 | 1,751 |
Unrealized losses on investments, recognized in earnings | (2,681) | (569) | (14,212) |
Balance | 54,429 | 54,732 | 49,487 |
CLO Junior Subordinated Notes [Member] | |||
Balance | 51,021 | 46,220 | 57,856 |
Accrued interest | 2,143 | 1,720 | 2,176 |
Investment distributions | (2,040) | ||
Unrealized gains on investments, recognized in OCI | 235 | 4,094 | 1,751 |
Unrealized losses on investments, recognized in earnings | (2,746) | (1,013) | (13,523) |
Balance | 50,653 | 51,021 | 46,220 |
Equity Securities [Member] | |||
Balance | 3,711 | 3,267 | 3,956 |
Accrued interest | |||
Investment distributions | |||
Unrealized gains on investments, recognized in OCI | |||
Unrealized losses on investments, recognized in earnings | 65 | 444 | (689) |
Balance | $ 3,776 | $ 3,711 | $ 3,267 |
Note 4 - Fair Value Measureme_7
Note 4 - Fair Value Measurements - Significant Unobservable Inputs Used in Fair Value Measurements (Details) - Fair Value, Recurring [Member] $ in Thousands | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Equity investment | $ 3,777 | $ 3,956 | |
Fair Value, Inputs, Level 3 [Member] | |||
Equity investment | $ 3,777 | $ 3,956 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||
CLO debt security, measurement input | [1] | 17.5 | 17.5 |
CLO debt securities | $ 50,652 | $ 57,856 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | |||
CLO debt security, measurement input | [1] | 2 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Minimum [Member] | |||
CLO debt security, measurement input | [1] | 2 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Weighted Average [Member] | |||
CLO debt security, measurement input | [1] | 2.4 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Maximum [Member] | |||
CLO debt security, measurement input | [1] | 4 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Loss Severity [Member] | |||
CLO debt security, measurement input | [1] | 25 | 25 |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | |||
CLO debt security, measurement input | [1] | 25 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Minimum [Member] | |||
CLO debt security, measurement input | [1] | 10 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Weighted Average [Member] | |||
CLO debt security, measurement input | [1] | 15.2 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Maximum [Member] | |||
CLO debt security, measurement input | [1] | 25 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Liquidation Price [Member] | Minimum [Member] | |||
CLO debt security, measurement input | [1] | 98 | 98 |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Liquidation Price [Member] | Weighted Average [Member] | |||
CLO debt security, measurement input | [1] | 98.7 | 98.7 |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Liquidation Price [Member] | Maximum [Member] | |||
CLO debt security, measurement input | [1] | 99 | 9 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||
Equity investment, measurement input | [1] | 15.7 | 17.7 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Factor [Member] | |||
Equity investment, measurement input | [1] | 20 | 20 |
Equity investment | $ 3,167 | $ 3,550 | |
[1] | The weighted average was calculated based on the relative collateral balance of each CLO. |
Note 5 - Available-for-sale S_3
Note 5 - Available-for-sale Securities (Details Textual) $ in Millions | Jul. 16, 2020USD ($) |
CLO Debt Securities [Member] | |
Financial Instruments, Owned and Pledged as Collateral, at Fair Value | $ 6 |
Note 5 - Available-for-sale S_4
Note 5 - Available-for-sale Securities - Available-for-sale Securities (Details) $ in Thousands | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt Securities, Available-for-sale, Amortized Cost | $ 51,094 | $ 64,377 |
Debt Securities, Available-for-sale | 50,652 | 57,856 |
CLO Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 51,094 | 64,377 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (442) | (6,521) |
Debt Securities, Available-for-sale | $ 50,652 | $ 57,856 |
Debt Securities, Number of Positions | 3 | 3 |
Note 5 - Available-for-sale S_5
Note 5 - Available-for-sale Securities - Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | $ 30,089 | $ 38,451 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 28,580 | 33,877 |
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost | 21,005 | 25,926 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | 22,072 | 23,979 |
Debt Securities, Available-for-sale, Amortized Cost, Total | 51,094 | 64,377 |
Debt Securities, Available-for-sale, Total | $ 50,652 | $ 57,856 |
Note 6 - Loans (Details Textual
Note 6 - Loans (Details Textual) $ in Thousands | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Financing Receivable, Past Due | $ 0 | $ 0 |
Number of Loans Held for Investment | 4 | 4 |
CLO VI Warehouse Portfolio [Member] | ||
Financing Receivable, after Allowance for Credit Loss, Total | $ 0 | $ 0 |
Note 6 - Loans - Loans Collater
Note 6 - Loans - Loans Collateralizing Asset-backed Securities Issued, Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Provision for loan losses | $ (438) | $ (438) | ||
Impaired Loans [Member] | ||||
Balance, at beginning of period | (836) | |||
Charge off | 181 | |||
Derecognition due to deconsolidation | 655 | |||
Balance, at end of period | ||||
Impaired Loans [Member] | Specific Reserve [Member] | ||||
Provision for loan losses | ||||
Impaired Loans [Member] | General Reserve [Member] | ||||
Reversal (provision) for loan losses | ||||
Non Impaired Loans [Member] | ||||
Balance, at beginning of period | (9,751) | |||
Charge off | ||||
Derecognition due to deconsolidation | 9,751 | |||
Balance, at end of period | ||||
Non Impaired Loans [Member] | Specific Reserve [Member] | ||||
Provision for loan losses | ||||
Non Impaired Loans [Member] | General Reserve [Member] | ||||
Reversal (provision) for loan losses |
Note 6 - Loans - Loans Held for
Note 6 - Loans - Loans Held for Investment, Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Provision for loan losses | $ (438) | $ (438) | ||
Impaired Loans [Member] | ||||
Balance, at beginning of period | (836) | |||
Charge off | 181 | |||
Derecognition due to deconsolidation | 655 | |||
Balance, at end of period | ||||
Impaired Loans [Member] | Specific Reserve [Member] | ||||
Provision for loan losses | ||||
Non Impaired Loans [Member] | ||||
Balance, at beginning of period | (9,751) | |||
Charge off | ||||
Derecognition due to deconsolidation | 9,751 | |||
Balance, at end of period | ||||
Non Impaired Loans [Member] | Specific Reserve [Member] | ||||
Provision for loan losses | ||||
Loans Held for Investment [Member] | Impaired Loans [Member] | ||||
Balance, at beginning of period | (218) | |||
Charge off | 218 | |||
Derecognition due to deconsolidation | ||||
Balance, at end of period | (438) | (438) | ||
Loans Held for Investment [Member] | Impaired Loans [Member] | Specific Reserve [Member] | ||||
Provision for loan losses | (438) | (438) | ||
Loans Held for Investment [Member] | Impaired Loans [Member] | General Reserve [Member] | ||||
Provision for loan losses | ||||
Loans Held for Investment [Member] | Non Impaired Loans [Member] | ||||
Balance, at beginning of period | (181) | |||
Charge off | ||||
Derecognition due to deconsolidation | 181 | |||
Balance, at end of period | ||||
Loans Held for Investment [Member] | Non Impaired Loans [Member] | Specific Reserve [Member] | ||||
Provision for loan losses | ||||
Loans Held for Investment [Member] | Non Impaired Loans [Member] | General Reserve [Member] | ||||
Provision for loan losses |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) - USD ($) $ in Thousands | Jul. 16, 2020 | Jul. 15, 2020 | Apr. 30, 2014 | Mar. 31, 2020 | Mar. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Apr. 17, 2020 | Dec. 31, 2019 |
Repayments of Senior Debt, Total | |||||||||
CLO Debt Securities [Member] | |||||||||
Financial Instruments, Owned and Pledged as Collateral, at Fair Value | $ 6,000 | ||||||||
Revolving Credit Conversion to Term Loan Portion to Be Paid in First 2 Years [Member] | CNB [Member] | |||||||||
Letters of Credit Outstanding, Amount | 1,100 | ||||||||
Revolving Credit Conversion to Term Loan Portion to Be Paid in First 2 Years [Member] | CNB [Member] | JMP Securities [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | ||||||||
Long-term Line of Credit, Total | 6,000 | $ 6,000 | |||||||
Line of Credit Facility, Revolving Credit Conversion to Term Loan, Repayment, Percent of Funded Debt | 3.75% | ||||||||
Revolving Credit Conversion to Term Loan Portion to Be Paid in First 2 Years [Member] | CNB [Member] | JMP Securities [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.25% | 2.25% | ||||||
Revolving Credit Conversion to Term Loan Portion to Be Paid in Next 2 Years [Member] | CNB [Member] | JMP Securities [Member] | |||||||||
Line of Credit Facility, Revolving Credit Conversion to Term Loan, Repayment, Percent of Funded Debt | 5.00% | ||||||||
Revolving Credit Facility [Member] | CNB [Member] | JMP Securities [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000 | ||||||||
Long-term Line of Credit, Total | $ 0 | $ 0 | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||||||
Senior Notes 2027 [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | ||||||||
Senior Notes 2029 [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | ||||||||
Senior Notes 2017 and 2019 [Member] | |||||||||
Debt Instrument, Default, Ownership Percentage | 25.00% | ||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 700 | ||||||||
The 2019 Senior Notes [Member] | |||||||||
Repayments of Senior Debt, Total | $ 1,400 | ||||||||
Senior Notes 2017 [Member] | |||||||||
Repayments of Senior Debt, Total | $ 700 | ||||||||
Paycheck Protection Program CARES Act [Member] | |||||||||
Paycheck Protection Program Loan | $ 3,800 |
Note 7 - Debt - Debt Issuance C
Note 7 - Debt - Debt Issuance Costs (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Less: Debt issuance costs | $ (3,049) | $ (3,416) | [1] |
Debt obligations | 10,610 | 6,812 | |
Consolidation, Eliminations [Member] | |||
Debt obligations | (2,135) | ||
Senior Notes 2027 [Member] | |||
Debt obligation | 50,000 | 50,000 | |
Senior Notes 2029 [Member] | |||
Debt obligation | 36,000 | 36,000 | |
Senior Notes [Member] | |||
Debt obligation | 86,000 | 86,000 | |
Less: Debt issuance costs | (3,049) | (3,416) | |
Debt obligations | $ 80,816 | $ 82,584 | |
[1] | The statement of financial condition as of December 31, 2019 is derived from the audited financial statements as of that date. |
Note 7 - Debt - Debt Issuance_2
Note 7 - Debt - Debt Issuance Costs (Details) (Parentheticals) | Sep. 30, 2020 | Dec. 31, 2019 |
Senior Notes 2027 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% |
Senior Notes 2029 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% |
Note 7 - Debt - Notes Payable,
Note 7 - Debt - Notes Payable, Lines of Credit and Credit Facilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Note payable, lines of credit, and credit facilities | $ 10,610 | $ 6,812 |
Line of Credit [Member] | ||
Note payable, lines of credit, and credit facilities | 5,983 | 5,983 |
Paycheck Protection Program CARES Act [Member] | ||
Note payable, lines of credit, and credit facilities | 3,798 | |
Notes Payable, Other Payables [Member] | ||
Note payable, lines of credit, and credit facilities | $ 829 | $ 829 |
Note 8 - Other Assets and Oth_3
Note 8 - Other Assets and Other Liabilities - Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | ||
Accounts receivable | $ 5,141 | $ 7,053 | ||
Prepaid expenses | 11,337 | 5,152 | ||
Deferred tax asset | 20,935 | 21,406 | ||
Loans held for sale (1) | [1] | 2,412 | 2,412 | |
Other assets | 252 | 230 | ||
Total other assets | $ 40,077 | $ 36,253 | [2] | |
[1] | Loans held for sale are carried at the lower of cost or fair value less cost to sell. | |||
[2] | The statement of financial condition as of December 31, 2019 is derived from the audited financial statements as of that date. |
Note 8 - Other Assets and Oth_4
Note 8 - Other Assets and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Accounts payable & accrued liabilities | $ 6,408 | $ 5,015 | |
Deferred compensation liabilities | 4,581 | 2,517 | |
Deferred tax liability | 8,132 | 8,645 | |
Other liabilities | 364 | 3,301 | |
Total other liabilities | $ 19,485 | $ 19,478 | [1] |
[1] | The statement of financial condition as of December 31, 2019 is derived from the audited financial statements as of that date. |
Note 9 - Shareholders' Equity (
Note 9 - Shareholders' Equity (Details Textual) | Feb. 24, 2020shares |
The 2020 Tender Offer [Member] | |
Tender Offer to Repurchase Shares for Cash, Number of Shares (in shares) | 3,000,000 |
Note 10 - Share-based Compens_3
Note 10 - Share-based Compensation (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Jan. 27, 2015 | |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0.9 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0.7 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 153 days | |
Plan2007 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 4,000,000 |
Note 10 - Share-based Compens_4
Note 10 - Share-based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based compensation expense | $ 504 | $ 534 | $ 1,401 | $ 1,590 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based compensation expense | 353 | 534 | 1,008 | 1,590 |
Share-based Payment Arrangement, Option [Member] | ||||
Share-based compensation expense | $ 151 | $ 392 |
Note 10 - Share-based Compens_5
Note 10 - Share-based Compensation - Stock Option Activity (Details) | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Balance, beginning of year, shares subject to option (in shares) | shares | |
Balance, beginning of year, weighted average exercise price (in dollars per share) | $ / shares | |
Granted, shares subject to option (in shares) | shares | 2,400,000 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 3.04 |
Forfeited, shares subject to option (in shares) | shares | (400,000) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 3.04 |
Balance, end of period, shares subject to option (in shares) | shares | 2,000,000 |
Balance, end of period, weighted average exercise price (in dollars per share) | $ / shares | $ 3.04 |
Options exercisable at end of period, shares subject to option (in shares) | shares | |
Options exercisable at end of period, weighted average exercise price (in dollars per share) | $ / shares |
Note 10 - Share-based Compens_6
Note 10 - Share-based Compensation - Stock Options Outstanding and Exercisable (Details) | 9 Months Ended |
Sep. 30, 2020USD ($)$ / sharesshares | |
Options outstanding, number outstanding (in shares) | shares | 2,000,000 |
Options outstanding, weighted average remaining contractual life (Year) | 4 years 127 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 3.04 |
Options outstanding, aggregate intrinsic value | $ | |
Options vested and exercisable, number exercisable (in shares) | shares | |
Options vested and exercisable, weighted average remaining contractual life (Year) | |
Options vested and exercisable, weighted average exercise price (in dollars per share) | $ / shares | |
Options vested and exercisable, aggregate intrinsic value | $ |
Note 10 - Share-based Compens_7
Note 10 - Share-based Compensation - Restricted Stock Units Activity (RSUs) (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Balance, restricted share units (in shares) | shares | 387,006 |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.97 |
Granted, restricted share units (in shares) | shares | 198,682 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.99 |
Vested, restricted share units (in shares) | shares | (147,374) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.64 |
Forfeited, restricted share units (in shares) | shares | (3,894) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.43 |
Balance, restricted share units (in shares) | shares | 434,420 |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.63 |
Note 11 - Net Income Per Comm_3
Note 11 - Net Income Per Common Share - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net income (loss) attributable to JMP Group LLC | $ (3,082) | $ (4,061) | $ (13,706) | $ (104) |
Basic (in shares) | 19,628 | 19,324 | 19,581 | 20,454 |
Restricted share units (in shares) | ||||
Diluted weighted average shares outstanding (in shares) | 19,628 | 19,324 | 19,581 | 20,454 |
Basic (in dollars per share) | $ (0.16) | $ (0.21) | $ (0.70) | $ (0.01) |
Diluted (in dollars per share) | $ (0.16) | $ (0.21) | $ (0.70) | $ (0.01) |
Note 12 - Revenue from Contra_3
Note 12 - Revenue from Contracts with Customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue from Contract with Customer | $ 27,961 | $ 20,824 | $ 77,441 | $ 63,688 |
Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer | (25) | (28) | (75) | (1,058) |
Equity and Debt Origination [Member] | ||||
Revenue from Contract with Customer | 16,152 | 8,561 | 39,277 | 27,678 |
Equity and Debt Origination [Member] | Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer | ||||
Strategic Advisory and Private Placements [Member] | ||||
Revenue from Contract with Customer | 4,722 | 6,667 | 17,817 | 17,165 |
Strategic Advisory and Private Placements [Member] | Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer | ||||
Total Investment Banking Revenues [Member] | ||||
Revenue from Contract with Customer | 20,874 | 15,228 | 57,094 | 44,843 |
Total Investment Banking Revenues [Member] | Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer | ||||
Brokerage Commissions [Member] | ||||
Revenue from Contract with Customer | 2,865 | 2,900 | 10,580 | 9,262 |
Brokerage Commissions [Member] | Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer | ||||
Research Payments [Member] | ||||
Revenue from Contract with Customer | 1,258 | 1,152 | 3,887 | 4,016 |
Research Payments [Member] | Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer | ||||
Trading Losses [Member] | ||||
Revenue from Contract with Customer | 52 | (84) | (459) | (118) |
Trading Losses [Member] | Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer | ||||
Total Brokerage Revenue [Member] | ||||
Revenue from Contract with Customer | 4,176 | 3,968 | 14,008 | 13,160 |
Total Brokerage Revenue [Member] | Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer | ||||
Management Service, Base [Member] | ||||
Revenue from Contract with Customer | 1,583 | 1,572 | 4,943 | 4,777 |
Management Service, Base [Member] | Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer | (25) | (25) | (75) | (1,058) |
Management Service, Incentive [Member] | ||||
Revenue from Contract with Customer | 1,328 | 56 | 1,397 | 908 |
Management Service, Incentive [Member] | Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer | (3) | |||
Total Asset Management Fees [Member] | ||||
Revenue from Contract with Customer | 2,911 | 1,628 | 6,339 | 5,685 |
Total Asset Management Fees [Member] | Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer | (25) | (28) | (75) | (1,058) |
Broker Dealer [Member] | ||||
Revenue from Contract with Customer | 25,050 | 19,196 | 71,101 | 58,003 |
Broker Dealer [Member] | Equity and Debt Origination [Member] | ||||
Revenue from Contract with Customer | 16,152 | 8,561 | 39,277 | 27,678 |
Broker Dealer [Member] | Strategic Advisory and Private Placements [Member] | ||||
Revenue from Contract with Customer | 4,722 | 6,667 | 17,817 | 17,165 |
Broker Dealer [Member] | Total Investment Banking Revenues [Member] | ||||
Revenue from Contract with Customer | 20,874 | 15,228 | 57,094 | 44,843 |
Broker Dealer [Member] | Brokerage Commissions [Member] | ||||
Revenue from Contract with Customer | 2,865 | 2,900 | 10,580 | 9,262 |
Broker Dealer [Member] | Research Payments [Member] | ||||
Revenue from Contract with Customer | 1,258 | 1,152 | 3,887 | 4,016 |
Broker Dealer [Member] | Trading Losses [Member] | ||||
Revenue from Contract with Customer | 52 | (84) | (459) | (118) |
Broker Dealer [Member] | Total Brokerage Revenue [Member] | ||||
Revenue from Contract with Customer | 4,176 | 3,968 | 14,007 | 13,160 |
Broker Dealer [Member] | Management Service, Base [Member] | ||||
Revenue from Contract with Customer | ||||
Broker Dealer [Member] | Management Service, Incentive [Member] | ||||
Revenue from Contract with Customer | ||||
Broker Dealer [Member] | Total Asset Management Fees [Member] | ||||
Revenue from Contract with Customer | ||||
Asset Management [Member] | ||||
Revenue from Contract with Customer | 2,936 | 1,656 | 6,415 | 6,743 |
Asset Management [Member] | Equity and Debt Origination [Member] | ||||
Revenue from Contract with Customer | ||||
Asset Management [Member] | Strategic Advisory and Private Placements [Member] | ||||
Revenue from Contract with Customer | ||||
Asset Management [Member] | Total Investment Banking Revenues [Member] | ||||
Revenue from Contract with Customer | ||||
Asset Management [Member] | Brokerage Commissions [Member] | ||||
Revenue from Contract with Customer | ||||
Asset Management [Member] | Research Payments [Member] | ||||
Revenue from Contract with Customer | ||||
Asset Management [Member] | Trading Losses [Member] | ||||
Revenue from Contract with Customer | ||||
Asset Management [Member] | Total Brokerage Revenue [Member] | ||||
Revenue from Contract with Customer | ||||
Asset Management [Member] | Management Service, Base [Member] | ||||
Revenue from Contract with Customer | 1,608 | 1,597 | 5,018 | 5,835 |
Asset Management [Member] | Management Service, Incentive [Member] | ||||
Revenue from Contract with Customer | 1,328 | 59 | 1,397 | 908 |
Asset Management [Member] | Total Asset Management Fees [Member] | ||||
Revenue from Contract with Customer | $ 2,936 | $ 1,656 | $ 6,415 | $ 6,743 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Expense (Benefit), Total | $ (128) | $ (1,220) | $ (7,191) | $ (5,839) |
Effective Income Tax Rate Reconciliation, Percent, Total | 4.40% | 22.80% | 34.90% | 97.00% |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Receivables from Clearing Organizations | $ 500 | $ 500 |
Contractual Obligation, Total | $ 0 | $ 0 |
Note 15 - Regulatory Requirem_2
Note 15 - Regulatory Requirements (Details Textual) $ in Millions | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Ratio of Indebtedness to Net Capital | 1.14 | 1.25 |
Broker-Dealer, Net Capital, Total | $ 17.5 | $ 16.9 |
Broker-Dealer, Excess Net Capital, 1500 Percent, Aggregate Indebtedness Standard, Total | 16.2 | 15.5 |
Broker-Dealer, Minimum Net Capital Required, Aggregate Indebtedness Standard, Total | $ 1.3 | $ 1.4 |
Maximum [Member] | ||
Ratio of Indebtedness to Net Capital | 15 |
Note 16 - Related Party Trans_2
Note 16 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Oct. 31, 2017 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Jan. 09, 2018 | Sep. 19, 2017 | |
Total Investment [Member] | ||||||||
Investments in Related Parties | $ 12.5 | $ 12.5 | $ 17.3 | |||||
General Partner Investments In Hedge And Other Private Funds [Member] | Private Funds [Member] | ||||||||
Investments in Related Parties | 9 | 9 | 8.6 | |||||
Harvest Capital Credit Corporation [Member] | ||||||||
Investments in Related Parties | 3.4 | 3.4 | 8.7 | |||||
Affiliated Entity [Member] | Management Service, Base [Member] | ||||||||
Revenue from Related Parties | 1.6 | $ 1.5 | 5 | $ 3.3 | ||||
Registered Investment Adviser [Member] | ||||||||
Financing Receivable, after Allowance for Credit Loss, Total | 2.4 | 2.4 | $ 2.4 | $ 3.4 | ||||
Loans Receivable, Interest Rate | 15.00% | |||||||
Percentage of Loan Sold to Third Party | 30.00% | |||||||
Value of Loan Sold to Third Party | $ 1 | |||||||
Consolidated Entity [Member] | ||||||||
Loans Receivable, Fair Value Disclosure | $ 0.8 | $ 0.8 | $ 0.8 | |||||
Notes Receivable, Interest Rate | 12.50% |
Note 19 - Business Segments (De
Note 19 - Business Segments (Details Textual) | 9 Months Ended |
Sep. 30, 2020 | |
Number of Reportable Segments | 4 |
Percent Of Deferred Compensation Recognized | 100.00% |
Parent Company [Member] | |
Effective Income Tax Rate Reconciliation, Combined Federal, State and Local Statutory Income Tax Rate, Percent | 26.00% |
Note 19 - Business Segments - S
Note 19 - Business Segments - Segment Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | [1] | ||||||
Revenue from Contract with Customer | $ 27,961 | $ 20,824 | $ 77,441 | $ 63,688 | |||||||
Principal transactions | (2,737) | (340) | (20,337) | 6,371 | |||||||
Net dividend income | 4 | 279 | 241 | 868 | |||||||
Other income | 841 | 759 | 2,688 | 1,517 | |||||||
Net interest income | 555 | 398 | 1,154 | 4,749 | |||||||
Gain on repurchase, reissuance or early retirement of debt | (458) | 697 | (458) | ||||||||
Total net revenues | 26,624 | 21,024 | 61,884 | 76,259 | |||||||
Non-interest expenses | 29,897 | 26,372 | 82,962 | 82,282 | |||||||
Operating income (loss) before taxes | (3,274) | (5,348) | (21,078) | (6,023) | |||||||
Income tax expense (benefit) | (128) | (1,220) | (7,191) | (5,839) | |||||||
Net income (loss) attributable to non-controlling interest | (63) | (67) | (181) | (80) | |||||||
Operating net income (loss) | (3,082) | (4,061) | (13,706) | (104) | |||||||
Segment assets | 212,657 | 233,291 | 212,657 | 233,291 | $ 230,257 | ||||||
Loss on sale, payoff, and mark-to-market of loans | (38) | ||||||||||
Provision for loan losses | (438) | (438) | |||||||||
Total Investment Banking Revenues [Member] | |||||||||||
Revenue from Contract with Customer | 20,874 | 15,228 | 57,094 | 44,843 | |||||||
Total Brokerage Revenue [Member] | |||||||||||
Revenue from Contract with Customer | 4,176 | 3,968 | 14,008 | 13,160 | |||||||
Total Asset Management Fees [Member] | |||||||||||
Revenue from Contract with Customer | 2,911 | 1,628 | 6,339 | 5,685 | |||||||
Operating Segments [Member] | |||||||||||
Principal transactions | 1,142 | 883 | 3,490 | 7,762 | |||||||
Net dividend income | 42 | 317 | 347 | 983 | |||||||
Other income | |||||||||||
Net interest income | 581 | 563 | 1,231 | 4,702 | |||||||
Gain on repurchase, reissuance or early retirement of debt | 786 | ||||||||||
Total net revenues | 30,267 | 22,585 | 85,036 | 77,267 | |||||||
Non-interest expenses | 27,462 | 25,237 | 79,455 | 78,606 | |||||||
Operating income (loss) before taxes | 2,805 | (2,652) | 5,581 | (1,339) | |||||||
Income tax expense (benefit) | 729 | (689) | 1,452 | (348) | |||||||
Net income (loss) attributable to non-controlling interest | |||||||||||
Operating net income (loss) | 2,076 | (1,963) | 4,130 | (991) | |||||||
Segment assets | 212,657 | 233,291 | 212,657 | 233,291 | |||||||
Loss on sale, payoff, and mark-to-market of loans | (39) | ||||||||||
Provision for loan losses | (438) | (438) | |||||||||
Operating Segments [Member] | Total Investment Banking Revenues [Member] | |||||||||||
Revenue from Contract with Customer | 20,874 | 15,228 | 57,094 | 44,843 | |||||||
Operating Segments [Member] | Total Brokerage Revenue [Member] | |||||||||||
Revenue from Contract with Customer | 4,176 | 3,968 | 14,008 | 13,160 | |||||||
Operating Segments [Member] | Total Asset Management Fees [Member] | |||||||||||
Revenue from Contract with Customer | 3,452 | 2,064 | 8,080 | 6,294 | |||||||
Consolidation, Eliminations [Member] | |||||||||||
Principal transactions | |||||||||||
Net dividend income | |||||||||||
Other income | |||||||||||
Net interest income | |||||||||||
Gain on repurchase, reissuance or early retirement of debt | |||||||||||
Total net revenues | (37) | (47) | (124) | (1,095) | |||||||
Non-interest expenses | (37) | (47) | (124) | (1,095) | |||||||
Operating income (loss) before taxes | |||||||||||
Income tax expense (benefit) | |||||||||||
Net income (loss) attributable to non-controlling interest | |||||||||||
Operating net income (loss) | |||||||||||
Segment assets | (157,421) | (147,780) | (157,421) | (147,780) | |||||||
Loss on sale, payoff, and mark-to-market of loans | |||||||||||
Provision for loan losses | |||||||||||
Consolidation, Eliminations [Member] | Total Investment Banking Revenues [Member] | |||||||||||
Revenue from Contract with Customer | |||||||||||
Consolidation, Eliminations [Member] | Total Brokerage Revenue [Member] | |||||||||||
Revenue from Contract with Customer | |||||||||||
Consolidation, Eliminations [Member] | Total Asset Management Fees [Member] | |||||||||||
Revenue from Contract with Customer | (37) | (47) | (124) | (1,095) | |||||||
Segment Reconciling Items [Member] | |||||||||||
Principal transactions | [2] | (3,879) | (1,223) | (23,827) | (1,391) | ||||||
Net dividend income | [3] | (38) | (38) | (106) | (115) | ||||||
Other income | [4] | 841 | 759 | 2,688 | 1,517 | ||||||
Net interest income | [3] | (26) | (165) | (77) | 47 | ||||||
Gain on repurchase, reissuance or early retirement of debt | [5] | (458) | (89) | [5] | (458) | [5] | |||||
Total net revenues | (3,643) | (1,561) | (23,152) | (1,008) | |||||||
Non-interest expenses | 2,436 | [6] | 1,135 | [5] | 3,507 | [6] | 3,676 | [6] | |||
Operating income (loss) before taxes | (6,079) | (2,696) | (26,659) | (4,684) | |||||||
Income tax expense (benefit) | [7] | (857) | (531) | (8,642) | (5,491) | ||||||
Net income (loss) attributable to non-controlling interest | [3],[4] | (64) | [6] | (67) | [8] | (181) | [6] | (80) | [6] | ||
Operating net income (loss) | [9] | (5,158) | (2,165) | (17,836) | 887 | ||||||
Segment assets | |||||||||||
Loss on sale, payoff, and mark-to-market of loans | 1 | [3] | |||||||||
Provision for loan losses | |||||||||||
Segment Reconciling Items [Member] | Total Investment Banking Revenues [Member] | |||||||||||
Revenue from Contract with Customer | |||||||||||
Segment Reconciling Items [Member] | Total Brokerage Revenue [Member] | |||||||||||
Revenue from Contract with Customer | |||||||||||
Segment Reconciling Items [Member] | Total Asset Management Fees [Member] | |||||||||||
Revenue from Contract with Customer | [4] | (541) | (436) | (1,741) | (609) | ||||||
Broker Dealer [Member] | |||||||||||
Revenue from Contract with Customer | 25,050 | 19,196 | 71,101 | 58,003 | |||||||
Gain on repurchase, reissuance or early retirement of debt | |||||||||||
Provision for loan losses | |||||||||||
Broker Dealer [Member] | Total Investment Banking Revenues [Member] | |||||||||||
Revenue from Contract with Customer | 20,874 | 15,228 | 57,094 | 44,843 | |||||||
Broker Dealer [Member] | Total Brokerage Revenue [Member] | |||||||||||
Revenue from Contract with Customer | 4,176 | 3,968 | 14,007 | 13,160 | |||||||
Broker Dealer [Member] | Total Asset Management Fees [Member] | |||||||||||
Revenue from Contract with Customer | |||||||||||
Broker Dealer [Member] | Operating Segments [Member] | |||||||||||
Principal transactions | 188 | 675 | |||||||||
Net dividend income | |||||||||||
Other income | |||||||||||
Net interest income | |||||||||||
Gain on repurchase, reissuance or early retirement of debt | |||||||||||
Total net revenues | 25,246 | 19,202 | 71,944 | 58,021 | |||||||
Non-interest expenses | 21,916 | 20,677 | 65,162 | 62,035 | |||||||
Operating income (loss) before taxes | 3,330 | (1,475) | 6,782 | (4,014) | |||||||
Income tax expense (benefit) | 866 | (383) | 1,755 | (1,043) | |||||||
Net income (loss) attributable to non-controlling interest | |||||||||||
Operating net income (loss) | 2,464 | (1,092) | 5,027 | (2,971) | |||||||
Segment assets | 56,266 | 49,554 | 56,266 | 49,554 | |||||||
Loss on sale, payoff, and mark-to-market of loans | |||||||||||
Provision for loan losses | |||||||||||
Broker Dealer [Member] | Operating Segments [Member] | Total Investment Banking Revenues [Member] | |||||||||||
Revenue from Contract with Customer | 20,874 | 15,228 | 57,094 | 44,843 | |||||||
Broker Dealer [Member] | Operating Segments [Member] | Total Brokerage Revenue [Member] | |||||||||||
Revenue from Contract with Customer | 4,176 | 3,968 | 14,008 | 13,160 | |||||||
Broker Dealer [Member] | Operating Segments [Member] | Total Asset Management Fees [Member] | |||||||||||
Revenue from Contract with Customer | 8 | 6 | 167 | 18 | |||||||
Broker Dealer [Member] | Segment Reconciling Items [Member] | |||||||||||
Loss on sale, payoff, and mark-to-market of loans | |||||||||||
Asset Management Fee Income [Member] | |||||||||||
Gain on repurchase, reissuance or early retirement of debt | |||||||||||
Provision for loan losses | |||||||||||
Asset Management Fee Income [Member] | Operating Segments [Member] | |||||||||||
Principal transactions | |||||||||||
Net dividend income | |||||||||||
Other income | |||||||||||
Net interest income | |||||||||||
Gain on repurchase, reissuance or early retirement of debt | |||||||||||
Total net revenues | 3,101 | 1,795 | 6,945 | 6,692 | |||||||
Non-interest expenses | 2,891 | 2,101 | 7,397 | 8,074 | |||||||
Operating income (loss) before taxes | 210 | (306) | (452) | (1,382) | |||||||
Income tax expense (benefit) | 54 | (79) | (119) | (360) | |||||||
Net income (loss) attributable to non-controlling interest | |||||||||||
Operating net income (loss) | 156 | (227) | (333) | (1,022) | |||||||
Segment assets | 12,034 | 11,889 | 12,034 | 11,889 | |||||||
Loss on sale, payoff, and mark-to-market of loans | |||||||||||
Provision for loan losses | |||||||||||
Asset Management Fee Income [Member] | Operating Segments [Member] | Total Investment Banking Revenues [Member] | |||||||||||
Revenue from Contract with Customer | |||||||||||
Asset Management Fee Income [Member] | Operating Segments [Member] | Total Brokerage Revenue [Member] | |||||||||||
Revenue from Contract with Customer | |||||||||||
Asset Management Fee Income [Member] | Operating Segments [Member] | Total Asset Management Fees [Member] | |||||||||||
Revenue from Contract with Customer | 3,101 | 1,795 | 6,945 | 6,692 | |||||||
Asset Management Fee Income [Member] | Segment Reconciling Items [Member] | |||||||||||
Net income (loss) attributable to non-controlling interest | |||||||||||
Loss on sale, payoff, and mark-to-market of loans | |||||||||||
Asset Management Investment Income [Member] | |||||||||||
Gain on repurchase, reissuance or early retirement of debt | |||||||||||
Provision for loan losses | (438) | ||||||||||
Asset Management Investment Income [Member] | Operating Segments [Member] | |||||||||||
Principal transactions | 954 | 883 | 2,815 | 7,762 | |||||||
Net dividend income | 42 | 317 | 347 | 983 | |||||||
Other income | |||||||||||
Net interest income | 581 | 563 | 1,231 | 4,702 | |||||||
Gain on repurchase, reissuance or early retirement of debt | 786 | ||||||||||
Total net revenues | 1,957 | 1,559 | 6,271 | 13,573 | |||||||
Non-interest expenses | 350 | 334 | 804 | 3,378 | |||||||
Operating income (loss) before taxes | 1,607 | 1,225 | 5,467 | 10,195 | |||||||
Income tax expense (benefit) | 418 | 318 | 1,430 | 2,650 | |||||||
Net income (loss) attributable to non-controlling interest | |||||||||||
Operating net income (loss) | 1,189 | 907 | 4,037 | 7,545 | |||||||
Segment assets | 74,648 | 78,910 | 74,648 | 78,910 | |||||||
Loss on sale, payoff, and mark-to-market of loans | (39) | ||||||||||
Provision for loan losses | (438) | ||||||||||
Asset Management Investment Income [Member] | Operating Segments [Member] | Total Investment Banking Revenues [Member] | |||||||||||
Revenue from Contract with Customer | |||||||||||
Asset Management Investment Income [Member] | Operating Segments [Member] | Total Brokerage Revenue [Member] | |||||||||||
Revenue from Contract with Customer | |||||||||||
Asset Management Investment Income [Member] | Operating Segments [Member] | Total Asset Management Fees [Member] | |||||||||||
Revenue from Contract with Customer | 380 | 234 | 1,092 | 603 | |||||||
Asset Management Investment Income [Member] | Segment Reconciling Items [Member] | |||||||||||
Net income (loss) attributable to non-controlling interest | |||||||||||
Loss on sale, payoff, and mark-to-market of loans | |||||||||||
Asset Management [Member] | |||||||||||
Revenue from Contract with Customer | 2,936 | 1,656 | 6,415 | 6,743 | |||||||
Gain on repurchase, reissuance or early retirement of debt | |||||||||||
Provision for loan losses | (438) | ||||||||||
Asset Management [Member] | Total Investment Banking Revenues [Member] | |||||||||||
Revenue from Contract with Customer | |||||||||||
Asset Management [Member] | Total Brokerage Revenue [Member] | |||||||||||
Revenue from Contract with Customer | |||||||||||
Asset Management [Member] | Total Asset Management Fees [Member] | |||||||||||
Revenue from Contract with Customer | 2,936 | 1,656 | 6,415 | 6,743 | |||||||
Asset Management [Member] | Operating Segments [Member] | |||||||||||
Principal transactions | 954 | 883 | 2,815 | 7,762 | |||||||
Net dividend income | 42 | 317 | 347 | 983 | |||||||
Other income | |||||||||||
Net interest income | 581 | 563 | 1,231 | 4,702 | |||||||
Gain on repurchase, reissuance or early retirement of debt | 786 | ||||||||||
Total net revenues | 5,058 | 3,354 | 13,216 | 20,265 | |||||||
Non-interest expenses | 3,241 | 2,435 | 8,201 | 11,452 | |||||||
Operating income (loss) before taxes | 1,817 | 919 | 5,015 | 8,813 | |||||||
Income tax expense (benefit) | 472 | 239 | 1,311 | 2,290 | |||||||
Net income (loss) attributable to non-controlling interest | |||||||||||
Operating net income (loss) | 1,345 | 680 | 3,704 | 6,523 | |||||||
Segment assets | 86,682 | 90,799 | 86,682 | 90,799 | |||||||
Loss on sale, payoff, and mark-to-market of loans | (39) | ||||||||||
Provision for loan losses | (438) | ||||||||||
Asset Management [Member] | Operating Segments [Member] | Total Investment Banking Revenues [Member] | |||||||||||
Revenue from Contract with Customer | |||||||||||
Asset Management [Member] | Operating Segments [Member] | Total Brokerage Revenue [Member] | |||||||||||
Revenue from Contract with Customer | |||||||||||
Asset Management [Member] | Operating Segments [Member] | Total Asset Management Fees [Member] | |||||||||||
Revenue from Contract with Customer | 3,481 | 2,029 | 8,037 | 7,295 | |||||||
Asset Management [Member] | Segment Reconciling Items [Member] | |||||||||||
Net income (loss) attributable to non-controlling interest | |||||||||||
Loss on sale, payoff, and mark-to-market of loans | |||||||||||
Corporate Segment [Member] | |||||||||||
Gain on repurchase, reissuance or early retirement of debt | |||||||||||
Provision for loan losses | |||||||||||
Corporate Segment [Member] | Operating Segments [Member] | |||||||||||
Principal transactions | |||||||||||
Net dividend income | |||||||||||
Other income | |||||||||||
Net interest income | |||||||||||
Gain on repurchase, reissuance or early retirement of debt | |||||||||||
Total net revenues | 76 | 76 | |||||||||
Non-interest expenses | 2,342 | 2,172 | 6,216 | 6,214 | |||||||
Operating income (loss) before taxes | (2,342) | (2,096) | (6,216) | (6,138) | |||||||
Income tax expense (benefit) | (609) | (545) | (1,615) | (1,595) | |||||||
Net income (loss) attributable to non-controlling interest | |||||||||||
Operating net income (loss) | (1,733) | (1,551) | (4,602) | (4,543) | |||||||
Segment assets | 227,129 | 240,718 | 227,129 | 240,718 | |||||||
Loss on sale, payoff, and mark-to-market of loans | |||||||||||
Provision for loan losses | |||||||||||
Corporate Segment [Member] | Operating Segments [Member] | Total Investment Banking Revenues [Member] | |||||||||||
Revenue from Contract with Customer | |||||||||||
Corporate Segment [Member] | Operating Segments [Member] | Total Brokerage Revenue [Member] | |||||||||||
Revenue from Contract with Customer | |||||||||||
Corporate Segment [Member] | Operating Segments [Member] | Total Asset Management Fees [Member] | |||||||||||
Revenue from Contract with Customer | 76 | $ 76 | |||||||||
Corporate Segment [Member] | Segment Reconciling Items [Member] | |||||||||||
Net income (loss) attributable to non-controlling interest | |||||||||||
Loss on sale, payoff, and mark-to-market of loans | |||||||||||
[1] | The statement of financial condition as of December 31, 2019 is derived from the audited financial statements as of that date. | ||||||||||
[2] | Total segment principal transaction revenues exclude certain unrealized mark-to-market gains or losses, including those related to impairment of CLO debt securities and the Company's investment in Harvest Capital Credit Corporation, as well as unrealized losses derived from depreciation and amortization of real estate investment properties. | ||||||||||
[3] | Total segment net dividend income and net interest income exclude those attributable to non-controlling interests. | ||||||||||
[4] | Total segment asset management-related fees include income from fee sharing arrangements with, and fees earned to raise capital for, third-party or equity-method investment partnerships or funds, which are reported as other income under GAAP. In addition, total segment asset management-related fees exclude base management fees and incentive fees attributable to non-controlling interests. | ||||||||||
[5] | Total segment gain/(loss) repurchase/early retirement of debt excludes losses on write offs of debt issuance costs related to early retirement or repurchase of debt. | ||||||||||
[6] | Total segments non-interest expenses exclude compensation expense recognized under GAAP related to equity awards, a charge recorded in connection with severance costs deriving from a strategic restructuring and reduction in headcount in September 2020, and expenses attributable to non-controlling interests. | ||||||||||
[7] | Total segment income tax expense (benefit) assumes a combined federal, state and local income tax rate of 26%. | ||||||||||
[8] | Total segment non-interest expenses exclude compensation expense recognized under GAAP related to equity awards, expenses attributable to non-controlling interests and amortization of an intangible asset related to CLO III prior to June 30, 2019. | ||||||||||
[9] | Operating net income (loss) is reconciled to GAAP net income (loss) attributable to JMP Group LLC. |
Note 20 - Nonconsolidated Var_3
Note 20 - Nonconsolidated Variable Interest Entities - VIE Equity Investments and Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |
Segment assets | $ 212,657 | $ 230,257 | [1] | $ 233,291 |
Carrying amount, liabilities | 159,407 | 168,896 | [1] | |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Segment assets | 70,619 | 88,086 | ||
Carrying amount, liabilities | 318 | 302 | ||
Maximum exposure to loss | 74,134 | 91,886 | ||
VIE assets | 2,858,169 | 2,925,776 | ||
Collateralized Loan Obligations [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Segment assets | 55,439 | 73,266 | ||
Carrying amount, liabilities | ||||
Maximum exposure to loss | 55,439 | 73,266 | ||
VIE assets | 1,205,427 | 1,439,442 | ||
Private Equity Funds [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Segment assets | 11,024 | 10,396 | ||
Carrying amount, liabilities | 285 | 207 | ||
Maximum exposure to loss | 14,539 | 14,196 | ||
VIE assets | 471,919 | 346,206 | ||
Other Equity Interests [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Segment assets | 4,156 | 4,424 | ||
Carrying amount, liabilities | 33 | 95 | ||
Maximum exposure to loss | 4,156 | 4,424 | ||
VIE assets | $ 1,180,823 | $ 1,140,128 | ||
[1] | The statement of financial condition as of December 31, 2019 is derived from the audited financial statements as of that date. |